Data published by the National Statistics Institute (INE) showed that producer prices fell by 7.4% per annum in November after falling by 7.7% in October (revised from -7.8% per annum). It marked the ninth consecutive month of producer deflation but the softest since May. Economists had expected prices to decrease by 6.5% per annum. On a monthly basis, the rate of decline in producer prices accelerated to 2% from 1.4% in October.
INE said that prices for consumer goods rose by 7.2% per annum in November after an increase of 8% per annum in October, while price growth for capital goods slowed to 2.5% per annum from 2.6% per annum. Prices for intermediate goods decreased by 5.5% per annum, as in October, and the cost of energy fell by 23% per annum after a decrease of 23.4% per annum in October.
Meanwhile, the producer price index excluding energy rose by 0.9% per annum compared with an increase of 1.3% per annum in October.