Spain’s Producer Price Inflation Hits Highest Since 2022

Spain’s producer price inflation accelerated sharply to 13.2% year over year in August 2026, up from an upwardly revised 9.4% in July and marking the highest rate since December 2022. The increase was driven mainly by a surge in energy prices, which rose 33.3% year over year, up from 21.2% in July, amid higher oil prices linked to the ongoing US-Iran conflict. Producer price inflation also accelerated for intermediate goods (7.1% vs. 6.7%), durable consumer goods (3.6% vs. 3.5%) and capital goods (2.4% vs. 2.3%). By contrast, inflation for non-durable consumer goods eased to 0.2% from 0.5%. On a monthly basis, producer prices rose 2.9% in August, following a 3.1% increase 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.