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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SPAIN DATA
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
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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