Spain's producer prices jump 18.3% in a year as energy rises almost 50%

INE published the data on 26 October, and it is still provisional. The industrial price index (IPRI) in September 2026 was 18.3% higher than a year earlier. In August the rise was 13.2%. Spain last saw this in November 2022. Prices rose 4% in one month.

The main reason is energy. Its prices rose 49.8% in a year, the most since October 2022. INE explains it this way: electricity got dearer, while in September 2025 it was getting cheaper. Oil refining added to it. In one month, power generation and distribution rose 10.8%, oil refining 13.3% and gas 4.4%.

By industry, EFE reports, coke and refined petroleum rose most, up 76.2%, followed by electricity and gas supply, up 43.5%. Metals rose 17.3% and chemicals 12.9%. Only the food industry got cheaper, by 0.2%.

Raw materials and parts for production, called intermediate goods, rose 7.5%. That is the most since January 2023. Without energy the overall index rose only 3.6%. A gap of almost 15 points shows that energy is the story.

Prices rose in every region. The biggest rises were in the Canary Islands, 45.9%, Asturias, 44.9%, and the Balearic Islands, 40.4%. The smallest were in Extremadura, 6%, and Cantabria, 8.2%.

Germany shows a similar picture: its producer prices rose 6.7% in September, as we wrote here: https://freekonomist.com/en/news/germany-ppi-2026-09/. This is not shop inflation. But if energy stays expensive, part of the rise usually reaches buyers within a few months. We give no forecasts and no trading advice.

Hechos confirmados

• In September 2026 Spain's industrial price index rose 18.3% from a year earlier, 5.1 points more than in August.^[1][2]
• This is the highest annual rate since November 2022.^[1][2]
• From August to September industrial prices rose 4.0%.^[1][2]
• Energy prices rose 49.8% in a year, 16.3 points more than in August, the highest since October 2022.^[1][2]
• In one month, electricity generation, transmission and distribution rose 10.8%, oil refining 13.3%, and gas production and distribution 4.4%.^[1][2]
• Intermediate goods rose 7.5% in a year, the highest since January 2023.^[1][2]
• Excluding energy the index rose 3.6% in a year, 0.2 points more than in August.^[1][2]
• Coke and refined petroleum rose 76.2% and electricity and gas supply 43.5%; the food industry fell 0.2%.^[2]
• Prices rose in every region, most in the Canary Islands (45.9%), Asturias (44.9%) and the Balearic Islands (40.4%), least in Extremadura (6.0%).^[1][2]
• The annual rate has been positive for seven months in a row; in February 2026 prices were falling 6.9%.^[2]
• The September data are provisional.^[1]

Implicaciones

• ConfirmadoSpain's industrial prices are rising at the fastest pace in almost four years, and energy did almost all of it.
• Nuestra lecturaPart of the rise may reach shop prices in the coming months if energy stays expensive.
• Nuestra lecturaData like this from Spain and Germany give the ECB more reasons to be careful about cutting rates.

Todavía no se sabe

• How much the provisional data will change when revised.
• How much of the rise reaches consumer prices, and how fast.
• What the ECB decides on 29 October and how it reads the energy price jump.

A quién afecta

Spain, Euro area. People who follow European inflation, energy prices and ECB decisions

Fuentes

1. INE (Instituto Nacional de Estadística): Índice de Precios Industriales. Base 2021. Septiembre 2026. Datos provisionales 26 de octubre de 2026 · oficial
2. EFE: Los precios industriales se disparan un 18 % en septiembre, al subir casi un 50 % la energía 26 de octubre de 2026 · medios