Singular Bank | According to the INE, in March producer prices in Spain rose significantly by 6.5% compared with the previous month (against a fall of 3.0% month-on-month in February). Meanwhile, year-on-year, the PPI rose by 3.4% (against a fall of 6.9% in February), following four consecutive months of decline.
By category, the increase in energy prices stood out (7.9% year-on-year), as did that of intermediate goods (0.8%), due to rising costs in the manufacture of basic chemicals, nitrogen compounds, fertilisers, plastics and synthetic rubber. This trend is explained by the closure of the Strait of Hormuz and reduced supply of raw materials.
