Spain Witnesses a Sharp Rise in Producer Prices

In a revealing update from Spain's National Statistics Institute (INE), producer prices have experienced a notable 6.6% increase in February compared to the same period last year. This marks a significant leap from the 2.6% annual rate observed in January, highlighting a growing pressure on production costs.

Energy Costs: The Primary Driver

Energy prices have emerged as the main factor behind this uptick, with an annual surge of 22.2%. However, when energy is excluded from the equation, the general producer price index remained stable, showing no change from February 2024.

Monthly Overview

On a monthly basis, the scenario remains concerning, with producer prices climbing by 1.2% in February, indicating a continuous upward trend in production costs.