FX.co ★ Spain Producer Prices Rise the Most in a Year

Producer prices in Spain rose 3.4% year-on-year in March 2026, marking the first increase in five months and the sharpest gain in a year, after a 6.9% decline in February. Energy prices jumped 7.9%, a rebound of 30 percentage points from the previous month, driven by higher costs in electricity generation, transmission, and distribution, as well as in petroleum refining and, to a lesser extent, gas production and pipeline distribution of gaseous fuels. These increases reflect broader upward pressures associated with the war with Iran.

Excluding energy, producer prices advanced 1.2%, up from a 0.9% rise in February. Prices for intermediate goods increased 0.8%, an acceleration of 0.7 percentage points, mainly due to higher prices in the manufacture of basic chemicals, nitrogen compounds, fertilizers, plastics, and synthetic rubber in primary forms.

On a monthly basis, the producer price index (PPI) climbed 6.5%, the largest increase since March 2022, with roughly half of the overall rise attributable to a 46.3% surge in oil refining prices.