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Economy in Brief

Spainís PPI Eases Pace in July but Still Too Strong
by Robert Brusca August 27, 2007

Spain's price trends show tempered results only for investment goods. Overall PPI inflation is stronger over three months than for year/year trends. Intermediate goods trends are firm at around a 6% pace. Consumer goods price trends are accelerating.

The impact of these various trends on the overall PPI is depicted in the sequential growth rate chart on the left. Year/year inflation is ever so gradually edging lower. But over 6 months and 3 months, inflation has flared to a stronger pace and to a pace that is above the year/year pace. That is usually a prescription for year/year acceleration as well. While not the largest of the Euro economies, Spain is still significant. Its price trends will not be encouraging to the ECB. But then again this is only the PPI not the favored CPI measure (HICP).

Spain PPI
  m/m Saar
SPAIN Jul-07 Jun-07 May-07 3-Mo 6-Mo Yr/Yr Y/Y Yr Ago
Total 0.3% 0.4% 0.6% 5.4% 4.9% 2.3% 6.4%
  Consumer Goods 0.2% 0.2% 0.0% 6.9% 2.9% 1.8% 3.5%
  Intermediate Goods 0.3% 0.6% 0.6% 6.0% 6.5% 5.5% 7.0%
  Investment Goods 0.2% 0.0% 0.4% 2.1% 2.7% 3.0% 2.4%
HIPPX Constructions -- 0.5% 0.6% #N/A #N/A #N/A 6.4%
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