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Spain Adds to Substantial Slowdowns in Eurozone PPI

SPAIN DATA
MNI (London)

SPAIN OCT PPI -1.4% M/M, +26.1% Y/Y; SEP +35.6% Y/Y

  • Spanish factory-gate inflation slowed sharply in October, falling by -1.4% m/m and by 9.5pp to +26.1% y/y. Base effects will be driving the decrease. Core PPI (excluding energy) slowed for the fourth consecutive month by 0.8pp to +13.2% y/y.
  • The drop in energy prices led the decline, followed by intermediate goods. Consumer goods prices ticked up again due largely to food oils.
  • This follows an 11.3pp deceleration in German October PPI to +34.5% y/y on Monday. This data should feed through into a considerably lower eurozone print for October.
  • Substantial slowdowns in PPI will be welcome news for the bloc, which has seen the industrial sector hampered by soaring energy costs. Euro area industrial production practically stalled on the month in September when removing volatile Irish data from the headline print.

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SPAIN OCT PPI -1.4% M/M, +26.1% Y/Y; SEP +35.6% Y/Y

  • Spanish factory-gate inflation slowed sharply in October, falling by -1.4% m/m and by 9.5pp to +26.1% y/y. Base effects will be driving the decrease. Core PPI (excluding energy) slowed for the fourth consecutive month by 0.8pp to +13.2% y/y.
  • The drop in energy prices led the decline, followed by intermediate goods. Consumer goods prices ticked up again due largely to food oils.
  • This follows an 11.3pp deceleration in German October PPI to +34.5% y/y on Monday. This data should feed through into a considerably lower eurozone print for October.
  • Substantial slowdowns in PPI will be welcome news for the bloc, which has seen the industrial sector hampered by soaring energy costs. Euro area industrial production practically stalled on the month in September when removing volatile Irish data from the headline print.