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INDUSTRIAL prices rose

14.7% over a 12-month period in December.

The National Statistics Institute said that was the lowest rise since April 2021 and was over five points down on the November figure. The decline was mainly due to a fall in energy prices, which dropped by 15% last month, and cheaper intermediate goods, whose prices dropped more than 2.5% in the same period.

Prices for non-durable goods rose just 0.1%, as a result of an increase in the manufacturing prices of vegetable and animal oils and fats.

Companies tend to pass on industrial price rises to customers, ultimately fuelling inflation.

ACCUSATIONS that the big four accounting firms were making their Spanish employees work 84 hour weeks triggered simultaneous surprise inspections by Spain’s labour ministry. The Madrid offices of PwC, KPMG, EY and Deloitte received visits from