FX.co ★ Spain PPI Slips as Energy Prices Plunge

In November 2025, Spain experienced a significant decline in producer prices, dropping by 2.5% year-over-year – the largest decrease since October 2024. This followed an upwardly adjusted increase of 0.8% in the prior month. The decline was primarily driven by the energy sector, which saw prices fall by 9.1%, compared to a 2% rise in October. This reduction was mainly due to lower electricity prices and, to a lesser extent, reductions in gas production and pipeline distribution costs. Additionally, prices for intermediate goods dropped by 0.2% following a 0.5% decline. Conversely, consumer goods experienced an increase, rising by 0.4% after a 0.6% decrease, with durable and non-durable goods seeing adjustments of 1.6% and 0.3%, respectively, compared to previous changes of 1.7% and -0.7%. Capital goods maintained a steady growth of 2.1%. When energy was excluded, producer prices rose by 0.5% in November, recovering from a 0.1% decline in the prior month. On a month-to-month basis, producer prices fell by 0.4%, following a 0.5% increase in October.