(CercleFinance.com) – Producer prices fell sharply in Spain in August due to the fall in energy costs, show statistics published on Monday, suggesting a continuation of the disinflation movement in Europe.
According to Ine, producer prices increased by 1.2% from one month to the next, that is to say compared to July, but showed a drop of 10% at an annual rate, a record since the creation of statistics in 1976.
Energy prices fell by 29.3% over one year, again constituting an unprecedented figure since the start of the series, while those of durable consumer goods increased by 10.2%.
Knowing that producer prices can be considered a leading indicator of inflation, these figures are likely to fuel the prospect of the ECB maintaining rates after the 25 basis point increase decided at the beginning of the month .
With its government measures aimed at countering price increases, Spain is a good student in terms of inflation in Europe, with consumer prices expected to increase by only 3.6% this year in the country, compared to more than 8% last year, but with a limited slowdown in growth.
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