Data published by the National Statistics Institute (INE) showed that producer prices fell by 3.8% per annum in January after falling by 6.3% per annum in December. It marked the eleventh consecutive month of producer deflation but the softest since March 2023. Economists had expected prices to decrease by 5.0% per annum. On a monthly basis, producer prices rose by 0.2%, partially offsetting the December decline (-0.3%).
INE said that prices for consumer goods rose by 5.4% per annum in January after an increase of 6.7% per annum in December, while prices for capital goods increased by 2.7% per annum, as in December. Prices for intermediate goods decreased by 5.7% per annum, accelerating compared to December (-4.9% per annum), and the cost of energy fell by 12.6% per annum after a decrease of 20.6% per annum in December.
Meanwhile, the producer price index excluding energy rose by 0.2% per annum compared with an increase of 1.1% per annum in December.