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Manufacturing PMI: some easing of inflationary pressures down the line?


Spain manufacturing PMI just under a point above consensus expectations (56.9 vs 56.0).

  • Delays in deliveries of inpuits and shipping challenges "remained the primary sources of rising prices for inputs. With energy and utility prices also reported to be up, input price inflation was again elevated despite softening to the lowest in ten months"
  • "Manufacturers were able to pass on their higher prices to clients, however, with output charge inflation hitting a new series record high."
  • Note that data was collected 10-21 February (so pre-Ukraine invasion).
  • Overall, this points to some easing of inflationary pressures down the line, but there could be further output price hikes in the near-term.

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