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Spain Producer-Price Inflation Slows as Economic Recession Looms

Source: Bloomberg - Fri 24th Feb 2012
Spain Producer-Price Inflation Slows as Economic Recession Looms

Spanish producer-price inflation slowed for a fourth month in January as the economy edged toward its second recession since 2009.

Prices of goods leaving factories, mines and refineries rose 3.6 percent from a year earlier, after increasing 5.2% in December, the National Statistics Institute in Madrid said today. Economists had expected a gain of 4.3%, according to the median of three forecasts in a Bloomberg News survey. Prices fell 0.8% on the month.

Prime Minister Mariano Rajoy, in power since December, is trying to convince investors and voters he can face down opposition to overhaul the economy and implement the deepest budget cuts in at least three decades. Spain's economy may shrink more in the first quarter than in the last three months of 2011, when it declined 0.3%, Deputy Economy Minister Fernando Jimenez Latorre said on Feb. 16.

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