Wednesday 12/8/21
ECONOMY

Spain producer price inflation strongest on record

Energy prices logged an annual growth of 87.3% in October
10 October 2021, Spain, Lugo: A demonstrator sets fire to a banner with a portrait of the Spanish Minister of Industry, Reyes Maroto, during a joint rally of workers of Alcoa and Vestas factories to against job cuts and to demand the prevention of the factories' shutdown. Photo: Carlos Castro/EUROPA PRESS/dpa
A demonstrator sets fire to a banner with a portrait of the Spanish Minister of Industry, Reyes Maroto, during a joint rally of workers of Alcoa and Vestas factories against job cuts and to demand the prevention of the factories' shutdown. Photo: Carlos Castro/dpa.

Spain's producer prices continued to accelerate in October to hit a record high, data from the statistical office INE showed on Thursday.

Producer prices surged 31.9% year-on-year in October after rising 23.8% in the previous month. This was the fastest rate since the series began in January 1976.

Excluding energy, producer price inflation increased to 9.7%, the strongest since 1985, from 8.8% in the previous month.

Energy prices logged an annual growth of 87.3% in October. Prices of intermediate goods advanced 19% and that of consumer goods by 4%. Capital goods prices moved up 2.7%.

On a monthly basis, producer prices were up 6.1% versus 5.4% rise in September.

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