Spain’s producer prices have dropped the most on record; to -10.0%

September 26, 2023

In August 2023, producer prices in Spain fell by a record 10% year on year, following an upwardly corrected 8.6% drop the previous month, marking the sixth consecutive month of producer deflation. The main downward pressure came from energy costs (-29.3% vs. -26.8% in July), mainly in gas manufacturing and distribution (-45.5% vs. -27.8%), as well as intermediate products (-5.8%, the same rate as in July). Prices for nondurable consumer products, on the other hand, continued to climb significantly (10.2% vs. 10.4%), owing to increased output of vegetable and animal oils and fats (29.4% vs. 24.6%). Costs for capital items increased slightly less (2.4% vs. 2.5%).

Source: Trading Economics
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