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Financial News: Spain PPI Inflation At 13-Month Low

Spain PPI Inflation At 13-Month Low

11/25/2022 - 04:40:00 (RTTNews)

(RTTNews) - Spain's producer price inflation eased further in October to reach its lowest level in just over a year amid a sharp slowdown in the growth of energy prices, data released by the statistical office INE showed on Friday.

Producer prices climbed 26.1 percent year-over-year in October, well below the 35.6 percent rise in September.

Furthermore, this was the lowest rate of inflation since September last year, when prices had grown 23.8 percent.

Excluding energy, producer price inflation moderated to 13.2 percent from 14.0 percent in September.

Among components of the producer price index, energy prices still logged a strong price growth of 54.1 percent annually in October, albeit much slower than the 84.2 surge a month ago.

The deceleration in energy price growth was mostly due to the fall in prices for the production, transport and distribution of electricity.

Prices of consumer goods were 13.8 percent higher compared to last year, and those of intermediate goods grew 15.9 percent.

Month-on-month, producer prices dropped 1.4 percent in October, after showing no variations in September. This was the first monthly fall since March 2021.

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