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There was no let up in the surging costs for producers in Spain, with year-on-year producer inflation surging by 23.6% in September -- 5.6 percentage points higher than August levels. The September surge leaves Spain's factory gate inflation at the highest level since 1977 and will undoubtedly make uncomfortable reading for the European Central Bank's Governing Council as they gather on Thursday.

All sectors added to PPI across the month, but by far the main driver was energy costs, higher by 59.6% y/y -- the highest since the series started in 1976, according to Spanish stats agency IPRI.

Spain annual PPI (%)

Source: IPRI