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Spain’s producer price inflation accelerated to 10.5% in May 2026, the highest rate since December 2022, up from an upwardly revised 8.5% in April. Energy prices remained the main driver of inflation, surging 28.2% year-on-year after a 23.0% increase in April, largely due to higher oil refining costs. Excluding energy, producer prices rose 3.5% from a year earlier, compared with a 2.7% gain in the previous month. On a monthly basis, producer prices increased 1.0% in May, following an upwardly revised 2.0% rise in April.
