Spain Producer Inflation Hits 2022-Peak

Producer price inflation in Spain spiked to 8.3% year-on-year in April 2026, the steepest since December 2022, from a downwardly revised 3.1% in the prior month. The main upward pressure came from energy prices (22.3% vs 7.1% in March), reflecting higher oil refining prices. This likely fed through to other categories, including intermediate goods (3.8% vs 0.8%), capital goods (2% vs 1.8%), and consumer goods (1.6% vs 1.2%), with increases in both durable (2.9% vs 2.2%) and non-durable items (1.5% vs 1.2%). Excluding energy, producer prices advanced by 2.6%, following a 1.2% increase in March. Compared with the previous month, the PPI rose by 1.7%, slowing sharply from a revised 6.2% jump in the month before. The moderation coincided with a sharp slowdown in oil refining (10.3% vs 46.3%) and a reversal in electric power generation, transmission, and distribution costs (-3.1% vs +13.1%).

Producer prices in Spain increased 3.4% year-on-year in March 2026, the first increase in five months, and the largest in a year, following a 6.9% fall in February. Energy prices surged by 7.9%, 30 percentage points higher than in February, driven by rising costs in electricity generation, transmission, and distribution, as well as petroleum refining and, to a lesser extent, gas production and pipeline distribution of gaseous fuels, reflecting broader upward pressure linked to the war with Iran. Excluding energy, producer prices rose 1.2%, compared to a 0.9% gain in the previous month. Also, intermediate goods were up 0.8%, 0.7 percentage points higher than in February, led by manufacture of basic chemicals, nitrogen compounds, fertilizers, plastics, and synthetic rubber in primary forms. Compared with the previous month, the PPI rose by 6.5%, the largest increase since March 2022, with around half of the rise driven by a 46.3% increase in oil refining prices.

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%.