Spanish July Producer Prices Drop More Than Expected

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The Spanish industrial price index dropped 6.7% year-on-year in July versus a 4.9% fall in June, a report from the National Institute of Statistics showed Tuesday. Economists had expected only 6% decline.

The price index for energy plunged 16% in July, while that for intermediate and consumer goods dropped 7.8% and 1.2%, respectively. Only capital goods prices showed an annual increase of 0.5%.

Compared to June, producer prices dropped 0.2% in July mainly due to a decrease reported in the manufacture of coke and refined petroleum products. The decline in July reversed an increase of 0.6% recorded in June.

The Spanish industrial price index dropped 6.7% year-on-year in July versus a 4.9% fall in June, a report from the National Institute of Statistics showed Tuesday. (Market News Provided by RTTNews)