Link Securities | The National Institute of Statistics (INE) published on Wednesday that the Producer Price Index (PPI) rose in Spain by 0.4% in January in relation to December. During the month, the prices that contributed most to the rise in this variable were those of oil refining (up 5.8%) and those of gas production and distribution by pipeline of gaseous fuels (4.8%). On the contrary, the prices that most weighed down the increase in the IPP during the month were those of the production, transport and distribution of electrical energy (down 3.9%).
In year-on-year terms, the general PPI rose by 2.6% in January (2.3% in December). By economic destination, the prices of goods among the industrial sectors that had a positive influence on the evolution of the year-on-year rate of the general PPI were those of energy, with a rate of 8.6%, one point above that of the previous month. Meanwhile, among the industrial sectors whose prices had the most negative influence, we would highlight those of non-durable consumer goods, whose annual variation decreased by 0.6 p.p. to stand at -1.5%. Finally, the PPI excluding energy prices fell by 0.2% in January in year-on-year terms (-0.2% in December), standing at 2.8 p.p. below that of the general PPI.
