Producer prices in Spain accelerated more than economists expected in April to the fastest pace in 13 years as higher oil increased cost pressures for manufacturers.
The price of goods leaving Spain's factories, farms and mines rose 7.2 percent from the year earlier period after a 6.9 percent increase in March, the National Statistics Institute in Madrid said in an e-mailed statement today. That exceeded the 6.9 percent median forecast in a Bloomberg survey of four economists. Prices rose 0.8 percent on the month.
The price of crude has more than doubled in the past year and touched a record $135.09 a barrel in New York last week. Surging energy prices helped push euro-region consumer-price inflation to 3.3 percent in April, exceeding the European Central Bank's 2 percent ceiling for a eighth straight month.
"Energy prices saw the biggest increase,'' Jose Luis Martinez, a strategist at Citigroup Inc. in Madrid, said. "There is a sense of pessimism in looking at the economic data out of Spain.''
The price of gasoline leaving refineries in Spain increased 29 percent on the year while food prices were up 11 percent.
Spain's consumer price inflation, measured according to EU standards, rose 4.2 percent on the year in April.
The price of goods leaving Spain's factories, farms and mines rose 7.2 percent from the year earlier period after a 6.9 percent increase in March, the National Statistics Institute in Madrid said in an e-mailed statement today. That exceeded the 6.9 percent median forecast in a Bloomberg survey of four economists. Prices rose 0.8 percent on the month.
The price of crude has more than doubled in the past year and touched a record $135.09 a barrel in New York last week. Surging energy prices helped push euro-region consumer-price inflation to 3.3 percent in April, exceeding the European Central Bank's 2 percent ceiling for a eighth straight month.
"Energy prices saw the biggest increase,'' Jose Luis Martinez, a strategist at Citigroup Inc. in Madrid, said. "There is a sense of pessimism in looking at the economic data out of Spain.''
The price of gasoline leaving refineries in Spain increased 29 percent on the year while food prices were up 11 percent.
Spain's consumer price inflation, measured according to EU standards, rose 4.2 percent on the year in April.
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