Producer prices in Spain fell by 2.9% year on year in January 2026, following a 3.0% decline in December. Energy prices continued to contract sharply (-10.6% vs. -10.9% in the previous month). Within this category, prices for the production, transmission, and distribution of electricity decreased less steeply than in January 2025, while prices in petroleum refining declined, contrasting with the increase recorded in the same month a year earlier.
Excluding energy, producer prices rose by 0.8%, the same rate as in December. Prices of non-durable consumer goods also increased by 0.8%, slowing from a 1.2% rise in December. This deceleration was mainly due to lower prices in the processing and preservation of meat and in the manufacture of meat products, which had risen in January of the previous year.
On a month-on-month basis, the producer price index increased by 0.5%, supported in part by a sharp 4.8% rise in costs for gas production and the distribution of gaseous fuels through pipelines.
