Spain Producer Inflation Quickens to 9.2% in July

Producer price inflation in Spain accelerated to 9.2% in July 2026 from 7% in June, largely driven by a sharp rise in energy prices, which rose to 20.8% from 14.3%. The rise mainly reflected stronger increases in electricity production, transport and distribution prices, while gas-related prices declined after rising in July 2025. Additional upward pressure came from prices of intermediate goods (6.8% vs 6.6%); durable consumer goods (3.6% vs 3.4%) and capital goods (2.3% vs 2.5%). Meanwhile, costs softened for non-durable consumer goods (0.5% vs 0.9%), mainly due to lower prices for vegetable and animal oils and fats compared with a year earlier. Excluding energy, producer inflation came in at 3.5%, down slightly from 3.6% in the prior month. On a monthly basis, the PPI surged by 3% in July, its largest increase in four months, after being flat in June, mainly driven by increases in electricity production, transport and distribution (16.6%) and oil refining prices (5.3%).

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.