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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
SpainSpain PPI YoY climbed to 2.3% in December 2024
FMPMonthlyReleased January 2025
Spain PPI YoY climbed to 2.3% in December 2024, released January 2025, up 1.1% from November's 1.2% reading. The print came in hotter than the 1.5% consensus, a hotter print than forecasters anticipated. PPI YoY has now risen for 3 consecutive months. PPI YoY is now the highest in 21 months.
Latest Release
2.3
Actual
1.5
Consensus
1.2
Previous
Median Absolute Error
±1.21 percentage points
across last 12 releases
Last Call
Jan 2025
Predicted: 1.7
Actual: 2.3
Error: -0.6
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| EUR/USD | ▲ Direct | +0.40 | FOREX | Moves with | → View |
| EUR/GBP | ▲ Direct | +0.35 | FOREX | Moves with | → View |
| DAX | ▲ Direct | +0.35 | INDEX | Moves with | → View |
| EUR/JPY | ▲ Direct | +0.35 | FOREX | Moves with | → View |
| XAU/USD | ▼ Inverse | −0.30 | COMMODITIES | Moves against | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
PPI YoY (Spain) was reported at 2.3% in January 2025. This beat the market consensus of 1.5% by 0.8%. The reading rose from the previous value of 1.2%.
WHY IT MATTERS
The indicator has been trending upward over the last three releases. The trailing three releases averaged -2.27%, down from the prior three at -2.07%.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with EUR/USD (Bullish EUR). A secondary relationship exists with DAX, positively correlated (Bullish EU). Over the last 12 releases, the Sigmacast model's median absolute error is 1.21%.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include Balance of Trade (Sep 22) and Retail Sales MoM (Sep 29).
Auto-generated from current model state · Refreshes on each release · Last update January 2025.
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PPI YoY - ES
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About PPI YoY — Spain
DEFINITION
PPI YoY stands for Producer Price Index Year-over-Year and is a key economic indicator used to measure the average change in prices received by domestic producers for their goods and services over a 12-month period. It is often used as a gauge of inflationary pressures in the economy and can provide valuable insights into the overall health of the manufacturing sector. PPI YoY is closely monitored by investors, policymakers, and businesses to make informed decisions about pricing strategies, production levels, and monetary policy.
WHY THIS INDICATOR MATTERS
Inflation prints feed directly into central-bank policy expectations and real-yield calculations, and are among the most rate-sensitive releases on the calendar. The release is more useful as part of a longer-run signal than as a single-print catalyst. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Dec 2024): actual 2.3 %, consensus 1.5 %. Prior reading (Oct 2024): -3.9 %. Before that (Sep 2024): -5.2 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a materially higher reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection.
Σ
EXPECTED ZONE
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Economic Calendar - ES Events
| Tuesday, September 22, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 08:00 | ES | Balance of Trade | -7.69 | -8.1 | -9.45 | Medium | |
| Thursday, September 24, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 07:00 | ES | Producer Price Index YoY | 9.2 | 9.6 | 10.80 | Low | |
| Friday, September 25, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 07:00 | ES | GDP Growth Rate YoY | 2.7 | 2.7 | 2.70 | Low | |
| 07:00 | ES | GDP Growth Rate QoQ | 0.6 | 0.7 | 0.70 | Low | |