Data published by the National Statistics Institute (INE) showed that producer prices fell by 1.3% per annum in August after a decrease of 1.6% per annum in July. It marked the 18th consecutive month of producer deflation, with the latest decline being the weakest in that period. Economists had expected prices to decrease by 2.0% per annum. On a monthly basis, producer prices rose by 1.5% after a similar increase in July.
INE said that prices for consumer goods rose by 1.6% per annum in August after an increase of 2.5% per annum in July, while prices for capital goods increased by 2.3% per annum, accelerating compared to July (+2.2%). Prices for intermediate goods fell by 1.2% per annum compared with a decrease of 1.1% per annum in July. The cost of energy fell by 6.0% per annum after a decrease of 7.1% per annum in July.
Meanwhile, the producer price index excluding energy increased by 0.6% per annum after increasing by 1% in July.