Spain Producer Price Inflation Highest In Nearly 2 Years

(RTTNews) - Spain's producer prices increased at the fastest pace in almost two years in January amid an accelerated rise in energy costs, provisional data from the statistical office INE showed on Wednesday.

The producer price index posted an annual increase of 2.6 percent in January, faster than the 2.3 percent rise in December.

Further, this was the highest inflation rate since February 2023, when prices had risen 8.0 percent.

Within overall prices, energy prices grew the most by 8.6 percent annually in January, extending from a 7.6 percent increase seen a month ago.

This upward trend in energy prices was a consequence of the rise in prices for gas production and pipeline distribution of gaseous fuels, the agency said.

Prices for capital goods rose 1.5 percent, and those for intermediate goods rose by 0.2 percent. Meanwhile, prices for consumer goods declined by 1.4 percent.

On a monthly basis, producer prices moved up 0.4 percent, following a 0.9 percent climb in December.