Spain’s PPI Records Sharpest Drop Since 2024

Producer prices in Spain fell by 7% year-on-year in February 2026, marking the steepest decline since March 2024, following a revised 2.8% decrease in January. The drop was mainly driven by a sharp 22.3% fall in energy prices, reflecting lower costs in the production, transmission and distribution of electricity and, to a lesser extent, in gas production and the pipeline distribution of gaseous fuels. Excluding energy, producer prices rose by 0.8%, slightly easing from 0.9% in January. Prices for intermediate goods edged up just 0.1%, due to declines in the production of precious and other non-ferrous metals. Meanwhile, non-durable consumer goods prices increased by 1% as prices for the manufacture of vegetable and animal oils and fats declined less sharply than in February of the previous year. On a monthly basis, the producer price index fell by 3.1%.

Producer prices in Spain fell by 2.9% year on year in January 2026, following a 3.% decline in December. Energy prices continued to contract at a rapid pace (-10.6% vs -10.9% in the previous month). Within this category, prices for the production, transmission, and distribution of electricity declined less sharply than in January 2025, while petroleum refining prices fell, in contrast to the increase recorded in the same month last year. Excluding energy, producer prices rose by 0.8%, unchanged from December. Prices of non-durable consumer goods also increased by 0.8%, easing from a 1.2% rise in December, mainly due to a decline in prices for the processing and preservation of meat and the manufacture of meat products, which had increased in January of the previous year. On a month-on-month basis, the producer price index rose by 0.5%, driven in part by a sharp 4.8% increase in costs for gas production and the distribution of gaseous fuels through pipelines.

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.