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.

已确认的事实

• 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]

影响

• 已确认Spain's industrial prices are rising at the fastest pace in almost four years, and energy did almost all of it.
• 我们的解读Part of the rise may reach shop prices in the coming months if energy stays expensive.
• 我们的解读Data like this from Spain and Germany give the ECB more reasons to be careful about cutting rates.

仍未知

• 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.

影响到谁

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

来源

1. INE (Instituto Nacional de Estadística): Índice de Precios Industriales. Base 2021. Septiembre 2026. Datos provisionales 2026年10月26日 · 官方
2. EFE: Los precios industriales se disparan un 18 % en septiembre, al subir casi un 50 % la energía 2026年10月26日 · 媒体