Producer prices in Spain dropped by 2.5% year-on-year in November 2025, the most since October 2024, following an upwardly revised 0.8% increase in the prior month. Downward pressure stemmed primarily from energy (-9.1% vs 2% in October), led by declines in electricity prices and, to a lesser extent, gas production and pipeline distribution costs. Prices also fell for intermediate goods (-0.2% vs -0.5%). On the other hand, increases were seen for consumer goods (0.4% vs -0.6%), of which durable (1.6% vs 1.7%) and non-durable goods (0.3% vs -0.7%); and capital goods (2.1% vs 2.1%). Excluding energy, producer prices went up by 0.5% in November, after a 0.1% decrease in the previous month. On a monthly basis, producer prices decreased by 0.4%, after a 0.5% rise in October.