Spain's producer prices rose 9.2% year-on-year in July, driven by soaring energy prices

⑴ Spain's producer price increase in July accelerated to 9.2% year-on-year from 7.0% in June, mainly driven by energy prices rising from 14.3% to 20.8%. Prices for electricity production and transmission experienced a larger increase, while gas-related prices declined year-on-year. ⑵ Prices for intermediate goods, durable consumer goods, and capital goods all saw larger increases. The price growth of non-durable consumer goods fell from 0.9% to 0.5%, mainly due to a year-on-year decrease in animal and vegetable oil and fat prices. Excluding energy, the producer price increase edged down from 3.6% to 3.5%. ⑶ Month-on-month, the producer price index jumped by 3.0% in July, the largest increase in four months, compared to the previous value of flat, mainly driven by electricity production and distribution (up 16.6%) and refinery prices (up 5.3%).