IPP Manufactura cae 0.11% en julio pese a alzas en farmacéuticos y metales

El Índice de Precios del Productor de la Industria Manufacturera (IPP Manufactura) registró una variación mensual de -0.11 % en julio de 2026, según el boletín publicado por la Oficina Nacional de Estadística (ONE). Este indicador, que mide el cambio promedio de los precios de una canasta representativa de la producción manufacturera nacional, refleja una leve contracción en el nivel general de precios factory gate durante el mes.

Despite the monthly decline, the IPP Manufactura showed positive momentum over longer periods: it accumulated a 0.27 % increase from December 2025 to July 2026 and registered a 3.48 % year-on-year growth compared to July 2025. The index is compiled monthly using price data from approximately 321 enterprises producing goods for both domestic and international markets.

Factores detrás de la variación mensual

Among manufacturing activities, pharmaceuticals, medicinal chemicals and botanical products led monthly gains with a 2.23 % increase, followed by fabricated metal products (excluding machinery) at 2.16 % and chemical substances and products at 1.26 %. Together, these three sectors contributed 0.19 percentage points to the monthly IPP Manufactura variation.

In contrast, the largest downward pressure came from coke and refined petroleum products, which fell 6.69 % in July. Additional declines were recorded in textile manufacturing (-1.02 %) and wood and wood products, including cork and plaiting materials (-0.42 %). These three activities collectively subtracted 0.30 percentage points from the index, outweighing the positive contributions and resulting in the net monthly decrease.

Tendencias acumuladas e interanuales

Over the December 2025–July 2026 period, coke and petroleum refining again showed the strongest cumulative growth at 15.32 %, followed by rubber and plastics products (3.52 %) and non-metallic mineral products (2.74 %). These three sectors added 0.84 percentage points to the accumulated variation.

On the downside, the largest cumulative declines were seen in tobacco products (-8.69 %), leather and allied products (-6.78 %) and wood and wood products (-4.88 %), which together reduced the accumulated index by 0.43 percentage points.

Year-on-year (July 2026 vs. July 2025), the IPP Manufactura rose 3.48 %. The strongest annual increase came from coke and petroleum refining (+19.20 %), followed by pharmaceuticals (+9.39 %) and other manufacturing industries (+7.26 %), contributing a combined 1.61 percentage points to the annual growth. Meanwhile, declines in wood and wood products (-3.31 %), tobacco (-3.15 %) and machinery repair and installation (-2.15 %) subtracted 0.14 percentage points from the yearly change.

The ONE clarified that the monthly variation compares the index of the reference month with the previous month, while the accumulated variation measures change relative to December of the prior year.