Data published by the National Statistics Institute (INE) showed that producer prices rose by 0.9% per year in November after a decline of 3.9% per year in October. It marked the first increase since February 2023. Economists had expected prices to decrease by 3.0% per annum. On a monthly basis, producer prices rose by 2.7% after remaining unchanged in October.
INE said that prices for consumer goods rose by 0.5% per year after an increase of 1.4% per year in October, while prices for capital goods increased by 1.9% per year, accelerating compared to October (+1.8%). Prices for intermediate goods fell by 0.9% per year compared with a decrease of 1.3% per year in October. The cost of energy increased by 2.4% per year after a decrease of 12.9% per year in October.
Meanwhile, the producer price index excluding energy increased by 0.2% per year after increasing by 0.4% in October.