The industrial prices changed -1.54% in November, a result below that of October (-0.68%). In the same comparison, 11 out of the 24 activities registered positive price changes, against 8 in the previous month. The result was 1.40% in November 2017. The cumulative index in the year reached 11.47% and, in 12 months, 11.94%. The support material of the release of the Producer Price Index is on this page.

Between October and November this year, the prices of the mining and manufacturing industries – overall industry – changed -1.54%, a figure below that reported in the comparison between September and October 2018 (-0.68%). This was the highest negative change in the time series, started in January 2014.

The four highest changes in the comparison between October and November 2018 came from the products of the following activities: oil refining and ethanol products (-7.23%), other chemicals (-4.18%), printing (2.65%) and fabricated metal products (-2.03%).

In the same comparison the highlights in terms of influence were: oil refining and ethanol products (-0.93 p.p.), other chemicals (-0.46 p.p.), food products (-0.22 p.p.) and manufacture of machinery and equipment (0.06 p.p.).

The cumulative indicator in the year (November 2018 against December 2017) hit 11.47% against 13.22% in October 2018, representing the highest figure for November in the time series, started in 2014. Among the activities that registered the highest percentage changes in this indicator, the highlights were: mining and quarrying industries (37.79%), other chemicals (24.13%), oil refining and ethanol products (17.72%) and basic metals (15.68%). On the other hand, the most influential sectors were: other chemicals (2.32 p.p.), oil refining and ethanol products (2.03 p.p.), mining and quarrying industries (1.48 p.p.) and basic metals (1.26 p.p.).

The cumulative indicator in 12 months (October 2018 against October 2017) hit 11.94%, against 15.30% in October 2018. It was the sixth highest rate in the time series, having all the six occurrences within the interval between June and November 2018. The four biggest changes were in mining and quarrying industries (44.11%), other chemicals (24.26%), oil refining and ethanol products (18.69%) and basic metals (16.54%). On the other hand, the most influential sectors were: other chemicals (2.34 p.p.), oil refining and ethanol products (2.13 p.p.), mining and quarrying industries (1.65 p.p.) and basic metals (1.32 p.p.).

In November, the price change of -1.54% among the major economic categories was as follows: 0.85% in capital goods; -1.90% in intermediate goods; and -1.49% in consumer goods: -0.04% in durable consumer goods and -1.95% in semi and non-durable consumer goods. From the result of the overall industry (-1.54%), the influence of the major economic categories was the following: 0.07 p.p. of capital goods, -1.13 p.p. of intermediate goods and -0.48 p.p. of consumer goods. In the case of consumer goods, -0.48 p.p. was due to price changes observed in semi and non-durable consumer goods and 0.00 p.p. in durable consumer goods.

As to the cumulative index in the year – current month against December last year –, price changes in industry reached a change of 11.47% up to November, of which the change of 9.58% was relative to capital goods (with an influence of 0.82 p.p.), 16.49% to intermediate goods (9.39 p.p.) and 3.66% to consumer goods (1.26 p.p.). In this last case, the result was influenced by durable consumer goods (0.46 p.p.) and by semi and non-durable consumer goods (0.81 p.p.).

In the annual rate (M/M_-12) the price change in the industry reached 11.94% in November, with the following changes: capital goods, 10.43% (0.89 p.p.); intermediate goods, 17.27% (9.81 p.p.); and consumer goods, 3.60% (1.25 p.p.); the influence of durable consumer goods was 0.48 p.p. and of semi- and non-durable consumer goods of 0.76 p.p.

The following sectors stood out in the results:

Mining and quarrying industries: the prices of the mining and quarrying industries recorded a negative change in November (-0.49%). This was the second consecutive drop after a series of rise since December 2017.

The cumulative index in the year remained positive, reaching 37.79% in November. It changed 44.11% compared with November 2017, standing out as the highest change of the overall industry.

Food products: the prices in this sector changed -1.24% in November, the fifth negative change in the year and the second most intense. Nevertheless, this sector accrues a positive change along the 11 months of 2018 – 6.05% lower than in September (9.04%), the peak in the time series this year – and in the opposite direction of that posted in November 2017, when the cumulative rate up to that month had been -7.11%.

Compared with November 2017, the prices in November 2018 were, on average, 5.85% higher (in September, the year´s peak, the difference was of 10.18%). It is worth mentioning that the cumulative index in 12 months was the lowest one since June 2018, when the comparison month over same month in the previous year pointed out to a change of 5.83%.

In the comparison between November 2018 and October 2018, two milk products stood out in terms of magnitude of the negative change of prices: "pasteurized milk, including skimmed" and "sterilized milk/UHT/long life milk", being the latter one of the highlights in terms of influence on the activity´s result.

The other influential products – the four of them accounted for -1.68 p.p. in -1.24% – were: "residue of soybean oil extraction", "fresh or cooled beef" and "wheat flour". The average valuation of the Real of about 8.0% over the last two months – it was 8.7% in October -0.7% in November – exerted a pressure on the prices of the four products. In the case of beef, more cattle were supplied to the cold stores in October and November, whilst facing a cooled demand in the domestic market. Concerning milk, many dairy belts increased the production.

Oil refining and ethanol products: in November, the average change of the products in this sector was of -7.23%, the highest change in module among all the activities under analysis. This value was the highest negative change of this activity since January 2010 (beginning of the time series). With this result, the cumulative index in the year reached 17.72%, virtually the same value as that accrued up to November 2017 (17.73%).

Lastly, the rate retreated from 35.48% in October to 18.69% in November in the comparison with the same month last year. It is worth mentioning that the changes were above 30% in this comparison from May 2018 until October 2018.

Three of the products listed as highlights in terms of change were also the same in terms of influence, all of them with negative changes in their prices: "naphtha", "motor gasoline" and "diesel fuel and other fuel oils".

This sector stood out in every type of analysis, i.e., change, influence and contribution: the highest price change this month (-7.23%), the third highest in the cumulative index in the year (17.72%) and the third highest in the cumulative rate in 12 months (18.69%). In terms of influence, its results were the highest in month-over-month (-0.93 p.p. in -1.54%), the second highest in the cumulative index in the year (2.03 p.p. in 11.47%) and the second highest in the cumulative rate in 12 months (2.13 p.p. in 11.94%).

Other chemicals: the chemical industry registered an average price change of -4.18% in November in relation to October, representing the lowest change in the time series started in January 2010 and thus interrupting a series of 14 months of price rises. Even so, the cumulative index in the year positively changed 24.13% and, in 12 months, 24.26%.

Concerning the four products that mostly influenced, all of them registered negative figures: "unsaturated ethylene (ethane)", "polypropylene (PP)", "super-phosphates" and "unsaturated propane (propylene)". Conversely, all the products recorded positive figures and matched each other in relation to the cumulative rate in the year and over the last 12 months. "NPK-based manure or fertilizers", "unsaturated ethylene (ethane)", "herbicides for agricultural use" and "polypropylene (PP)".

Basic metals: the comparison between the prices of November 2018 against October 2018 recorded a change of -0.06%, representing the third negative change in the year. Even so, this activity accrued a change of 15.68% in the year and of 16.54% in the last 12 months. The analysis of the index-numbers of the time series pointed out that the prices of this sector posted a cumulative change of 50.92% between December 2013 (base of the time series) and November 2018.

Among the four products that registered the highest price changes, considering month-over-month, cumulative in the year and cumulative in the last 12 months, all of them recorded positive price changes, indicating that the negative result this month was caused by products with smaller price changes, though with bigger weights. The major highlight was "carbon steel ingots, blocks, rods or plates", the product with the biggest weight in this sector and with a negative change in its prices this month.

The other product that stood out with a negative influence was "stainless steel coil or sheet, including strips". The other two products that stood out in terms of influence were "unwrought non-alloy aluminum" and "tinplate", both of them with positive changes. The four products with the biggest influence this month accounted for -3.21 p.p. of the change, i.e., the other 18 products influenced 0.02 p.p.

Machinery and equipment: this activity registered a change of 1.59% in November over October, reversing the path set in the previous month, whose change had been of -0.60% against September. With this result, this sector accrued 7.74% in the year and 8.48% over the last 12 months. In this indicator, the highest percentage in the time series had been recorded in September 2018 (10.05%), retreating in October (8.24%) and rising once again in November. The price change in this activity also posted the fourth biggest influence among the activities in the M/M_-1 comparison. Among the four biggest influences in this indicator, it should be highlighted that it was the only one with a positive change and accounting for 0.06 p.p. of the -1.54% registered this month.

The four products which mostly stood out in the monthly indicator added up to 1.52 p.p. out of a total of 1.59%. All the products that mostly contributed to the monthly change recorded a positive change and stood out in terms of influence in the three indicators computed. They were: "agricultural tractors", "air compressors for refrigerating equipment and for towing" and "harvesters".