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Soaring Factory Gate Inflation At Record Highs

SPAIN DATA
MNI (London)

There was no let up in the surging costs for manufacturers in Spain, with year-on-year producer price inflation surging by 31.9% in October to stand more than 8 percentage points higher than September levels.

  • Month-on-Month, prices rose by 6.1% in October
  • The September surge leaves Spain's factory gate inflation at the highest level since records began in January 1976 and will undoubtedly make further uncomfortable reading for the European Central Bank.
  • All sectors added to PPI across the month, but by far the main driver was energy costs, higher by 87.3% y/y -- again the highest since the series started in 1976, according to Spanish stats agency IPRI.
  • Intermediate goods rose 19% y/y, also an all-time high.

Spain PPI (annual %)

Source: IPRI

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