FX.co ★ Spain Producer Prices Fall at Fastest Pace Since 2024

In December 2025, Spain experienced a 3% year-on-year drop in producer prices, marking the most significant decline since October 2024. This follows a 2.5% decline recorded in November. The decrease was chiefly driven by a 10.8% reduction in energy prices, which had already fallen by 9% in the previous month. This decrease was largely attributed to lower costs in oil refining and, to a lesser degree, gas production. However, it was somewhat balanced by increases in the pipeline distribution of gaseous fuels seen in December 2024. Conversely, prices associated with electricity generation, transmission, and distribution saw an upward trend. When energy prices were excluded, there was a 0.8% rise in producer prices, up from a 0.5% increase in November. Non-durable consumer goods experienced a 1.1% price increase, which is 0.8 percentage points higher than in November. This reflects an uptick in the costs associated with the production of vegetable and animal oils and fats, following a decrease in December 2024. On a monthly basis, the Producer Price Index (PPI) edged up by 0.4%, with electricity prices climbing 7.6%, marking the most significant upward influence.