Producer prices in Spain fell 3% year on year in December 2025, the steepest decline since October 2024, following a 2.5% decrease in November. The largest downward pressure came from energy prices, which dropped 10.8% after a 9% fall in the previous month. This was mainly driven by lower prices in oil refining and, to a lesser extent, gas production, partially offset by increases recorded in pipeline distribution of gaseous fuels in December 2024. In contrast, prices for electricity production, transmission, and distribution increased. Excluding energy, producer prices rose 0.8%, up from 0.5% in November. Non-durable consumer goods prices increased 1.1%, 0.8 percentage points higher than in November, reflecting rising prices in the manufacture of vegetable and animal oils and fats, following a decline in December 2024. On a month-on-month basis, the PPI rose 0.4%, with electricity prices surging 7.6%, providing the largest upward contribution.
