Link Securities | The National Statistics Institute (INE) reported that the producer price index (PPI) rose by 0.5% in Spain in January compared to December, driven mainly by the increase in the prices of gas production and distribution by pipeline of gaseous fuels (4.8% in the month) and, to a lesser extent, by the increase in the prices of precious metals and other non-ferrous metals (4.7% in the month).
In year-on-year terms, Spain’s PPI fell by 2.9% in January (3.0% in December). By economic destination of goods, among the prices of the industrial sectors that had a positive influence on the year-on-year growth rate of the overall PPI, those of energy stood out, with a growth rate that increased by three tenths to -10.6%, as a result of the fact that the prices of electricity production, transport and distribution fell less than in January 2025. It is worth noting, although in the opposite direction, the fall in oil refining prices, compared to the rise in the same month last year. Among the industrial sector prices that had a negative influence on the rate, those of non-durable consumer goods stood out, with a variation of 0.8%, four tenths below that of December, due to the decline in meat processing and preservation prices and meat product manufacturing prices, which increased in January of the previous year.
The year-on-year rate of change in the PPI excluding energy remained unchanged in January at 0.8%, 3.7 points above the overall PPI.
