Spain’s producer price index (PPI) showed a marginal easing in deflation at the start of 2026, signaling a modest shift in cost pressures at the factory gate. According to data updated on 25 February 2026, Spanish PPI stood at -2.9% year-over-year in January 2026, compared with -3.0% in December 2025.
The figures, measured on an annual basis against the same month a year earlier, indicate that while producer prices are still lower than a year ago, the pace of decline has slowed slightly. The previous reading for December 2025 was also a year-over-year comparison, mirroring the methodology used for the latest January data. Investors and policymakers will be watching upcoming releases to see whether this gradual moderation in producer price deflation continues, potentially easing pressure on corporate margins and influencing the broader inflation outlook in Spain.
