Spanish industrial production prices rose 14.7% in the 12 months through December, down from a revised 20.5% increase in the 12 months through November, the National Statistics Institute (INE) said on Wednesday.

The industrial 12-month production price increase in December was at its slowest since April 2021, when the increase was 13.0%, INE’s data showed.

The increase had peaked at an all-time record of 47% in the period through March.

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Industrial prices fell 1.7% in December from November, INE said.