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Spanish PPI Jumps to New High

SPAIN DATA
MNI (London)

SPAIN FEB PPI +1.9% M/M, +40.7% Y/Y, JAN +35.7% Y/Y

  • Spanish factory-gate inflation jumped five points to +40.7% y/y in February's PPI print.
  • This is the highest seen in the series which began in 1976.
  • The key upwards driver remains energy, as core PPI rose a more modest 0.1pp to 12.2% y/y in February.
  • Energy prices more than doubled to +114.4% y/y in February, an increase of over 23pp on January, as prices for production, transportation and distribution of energy soared.
  • Consumer goods were up +6.9% y/y followed by capital goods by +4.6% y/y due to increased automotive costs

Source: INE

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