UPDATE 1 — Spain's industrial prices rise 13.2% year — on — year in August, fastest since December 2022
(Updates with milestone, inflation data from paragraph 2) Sept 24 (Reuters) — Spanish industrial prices rose 13.2% in the 12 months through August following a 9.4% increase in the 12 months through July, the National Statistics Institute (INE) said on Thursday. August's increase was the largest since December 2022, when it hit 14.9%, INE data showed. The rise was mainly driven by higher oil refining and gas prices. INE revised up the July figure from an initial 9.2% increase. Month-on-month, industrial prices rose 2.9% in August from July, INE said. Companies tend to pass on industrial price rises to customers, ultimately fuelling inflation. Spain's European Union-harmonised 12-month inflation rate, a main measure of price increases nationally designed to be comparable across EU member states, rose to 4.6% in August, up from 3.9% in the period through July. (Reporting by Joao Manuel Mauricio in Gdansk; Editing by Benjamín Mejías Valencia, Aidan Lewis) ((gdansk.newsroom@thomsonreuters.com; +48 58 7696600)
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