Spain PPI Slips as Energy Prices Plunge

Producer prices in Spain fell 3% year on year in December 2025, the steepest decline since October 2024, following a 2.5% decrease in November. The largest downward pressure came from energy prices, which dropped 10.8% after a 9% fall in the previous month. This was mainly driven by lower prices in oil refining and, to a lesser extent, gas production, partially offset by increases recorded in pipeline distribution of gaseous fuels in December 2024. In contrast, prices for electricity production, transmission, and distribution increased. Excluding energy, producer prices rose 0.8%, up from 0.5% in November. Non-durable consumer goods prices increased 1.1%, 0.8 percentage points higher than in November, reflecting rising prices in the manufacture of vegetable and animal oils and fats, following a decline in December 2024. On a month-on-month basis, the PPI rose 0.4%, with electricity prices surging 7.6%, providing the largest upward contribution.

Producer prices in Spain dropped by 2.5% year-on-year in November 2025, the most since October 2024, following an upwardly revised 0.8% increase in the prior month. Downward pressure stemmed primarily from energy (-9.1% vs 2% in October), led by declines in electricity prices and, to a lesser extent, gas production and pipeline distribution costs. Prices also fell for intermediate goods (-0.2% vs -0.5%). On the other hand, increases were seen for consumer goods (0.4% vs -0.6%), of which durable (1.6% vs 1.7%) and non-durable goods (0.3% vs -0.7%); and capital goods (2.1% vs 2.1%). Excluding energy, producer prices went up by 0.5% in November, after a 0.1% decrease in the previous month. On a monthly basis, producer prices decreased by 0.4%, after a 0.5% rise in October.

Producer price inflation in Spain rose to 0.7% year-on-year in October 2025, the highest since June, from a downwardly revised 0.2% in the prior month, mainly on account of prices of energy (1.9% vs 0.3% in September). Additional upward pressure came from capital goods (2.1% vs 1.8%) and durable consumer goods (1.7% vs 1.7%). Conversely, costs continued to decrease for intermediate goods (-0.5% vs -0.5%) and non-durable consumer goods (-0.7% vs -0.8%). Excluding energy, producer prices fell by 0.1% in October, the same pace as in the previous month. On a monthly basis, producer prices went up by 0.5%, reversing a similar decline in the prior month.