FX.co ★ Spain’s PPI Records Sharpest Drop Since 2024

Producer prices in Spain fell by 7% year-on-year in February 2026, the sharpest drop since March 2024, after a revised 2.8% decline in January. The decrease was largely driven by a steep 22.3% reduction in energy prices, reflecting lower costs in the production, transmission, and distribution of electricity and, to a lesser extent, in gas production and the pipeline distribution of gaseous fuels. Excluding energy, producer prices rose by 0.8%, slightly below the 0.9% increase recorded in January. Prices for intermediate goods inched up just 0.1%, weighed down by lower prices in the production of precious and other non-ferrous metals. In contrast, prices of non-durable consumer goods increased by 1%, as the decline in prices for the manufacture of vegetable and animal oils and fats was less pronounced than in February of the previous year. On a monthly basis, the producer price index fell by 3.1%.