Spain Producer Inflation Hits Double Digits in May

Producer prices in Spain rose 7% year-on-year in June 2026, easing from a 10.5% jump in the previous month. Cost slowed for energy (14.3% vs 28.5% in May), due to lower prices in electricity production, transmission and distribution and a decline in oil refining prices; and consumer goods (1% vs 1.3%). On the other hand, prices accelerate for intermediate goods (6.6% vs 6.1%) and capital goods (2.5% vs 2.3%). Excluding energy, producer inflation picked up to 3.6% from 3.4% in the prior month. On a monthly basis, producer prices showed no growth, after a 1% increase in May.

Producer price inflation in Spain climbed further to 10.5% in May 2026, a new high since December 2022, from an upwardly revised 8.5% in the prior month. Energy prices remained the main driver (28.2% vs 23.0% in April), pushed by higher costs in electricity production, transmission and distribution, and to a lesser extent gas production and pipeline distribution, partly offset by a sharper decline in oil refining prices. Additional upward pressure came from intermediate goods (6.1% vs 4.1%), on the back of higher chemicals, fertilizers, plastics and rubber costs. Prices for capital goods rose slightly faster (2.2% vs 2.1%) while consumer goods costs slowed (1.3% vs 1.6%). Excluding energy, producer prices surged by 3.5%, compared to 2.7% increase in the previous month. On a monthly basis, producer prices rose by 1%, after an upwardly revised 2% advance in April.

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%).