Spain Producer Prices Fall 2.9% YoY in January

Producer prices in Spain fell by 2.9% year on year in January 2026, following a 3.% decline in December. Energy prices continued to contract at a rapid pace (-10.6% vs -10.9% in the previous month). Within this category, prices for the production, transmission, and distribution of electricity declined less sharply than in January 2025, while petroleum refining prices fell, in contrast to the increase recorded in the same month last year. Excluding energy, producer prices rose by 0.8%, unchanged from December. Prices of non-durable consumer goods also increased by 0.8%, easing from a 1.2% rise in December, mainly due to a decline in prices for the processing and preservation of meat and the manufacture of meat products, which had increased in January of the previous year. On a month-on-month basis, the producer price index rose by 0.5%, driven in part by a sharp 4.8% increase in costs for gas production and the distribution of gaseous fuels through pipelines.