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(H3) Corrective Cycle Extends

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Factory-Gate Inflation Cooling as Energy Prices Slow

MNI (London)

SPAIN SEP PPI 0.0% M/M, +35.6% Y/Y; AUG +42.9%r Y/Y

  • Spanish factory-gate inflation slowed a substantial 7.3 points in September, bringing the annualised reading to +35.6% y/y. Prices stalled on the month at 0.0% m/m.
  • A sharp slowing in energy costs by over 27pp to +84.2% y/y was the key downside driver, however, the 1.5pp decline in intermediate goods to +18.6% y/y provides hope that prices are softening in a more broad-based manner.
  • Whether this data implies a softer aggregate eurozone PPI following the August record high of +43.3% y/y. Besides Spain, only German PPI has been released thus far for the major euro area economies, which failed to see respite, stalling at the record high of +45.8% y/y.
  • Despite CPI taking centre stage in the ECB's fight against inflation, extremely elevated PPI remains a concern for economic growth and has significant implications for energy-intensive industrial sector health.

Annualised PPI rates (headline vs core):

Source: INE

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