Industrial Production Price Index in Spain

Measures the change in ex-factory selling prices of industrial goods sold in the Spanish domestic market (energy, mining and manufacturing, excluding construction), before transport costs and VAT.

The INE compiles it from a monthly survey of industrial establishments and publishes it as an index with a base year, together with its year-on-year and month-on-month changes. The methodology is harmonized across the European Union.

It is an upstream inflation gauge: it flags price pressures that may later feed through to consumers, so it is watched as a leading signal for inflation and for ECB policy.

Energy makes it very volatile, so the ex-energy index is worth watching for the underlying trend. It covers only the domestic market, not exports.