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Fuel Prices Pushing Monthly PPI Higher


Spanish NSA PPI for September remained in deflation on the year, printing at -8.6% Y/Y (vs a revised -9.9% prior). The monthly print was +1.4% M/M (vs a revised +1.3% prior). PPI excluding energy rose +1.8% Y/Y (vs +1.7% prior).

  • The monthly print was driven higher by energy prices - particularly fuel products - with the manufacture of refined petroleum products rising +7.7% M/M. Energy prices still fell -25.7% Y/Y, but this is almost 4pp higher than the -29.3% seen in August.
  • Looking at the components: Consumer goods prices rose +0.4% M/M and +9.3% Y/Y - the lowest annual rate since March 2022 - with both durables and non-durables disinflation. Capital goods were steady at 2.4% Y/Y while intermediate goods remained in deflation at -5.3% Y/Y (vs -5.8% prior).
  • Spanish bonds currently trade a touch cheaper across the curve (yields flat to 1bp higher), taking cues from core FI markets rather than today's print.

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