July 26, 2022 07:03 GMT
SPAIN JUN PPI +1.9% M/M, +43.2% Y/Y, MAY +43.6% Y/Y
SPAIN JUN CORE PPI +15.2% Y/Y, MAY +15.3% Y/Y
- Despite remaining substantially elevated, Spanish PPI recorded its third consecutive month of decline in June.
- Headline PPI softened by 0.4pp to +43.2% y/y, whilst core PPI edged down 0.1pp to +15.2%.
- Intermediate goods and energy prices both decelerated in June, by 1pp to +24.1% y/y and by over 2pp to +111.6% y/y respectively.
- Non-durable consumer goods continued to see prices accelerate, rising 0.5pp to +10.5% y/y.
- The continued slowing of factory-gate inflation will be welcome news, following the surprise 1.5pp jump to +10.2% y/y headline inflation recorded in June.
- Barring any significant acceleration in energy prices from here, September and October will start to see some bigger declines in the annual rate as base effects drop out.
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