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Spain PPI Slows For Fifth Month Amid Slump

Source: Bloomberg - Fri 23rd Mar 2012
Spain PPI Slows For Fifth Month Amid Slump

Spain's producer-price inflation slowed for a fifth consecutive month in February as the euro area's4th largest economy moved closer towards its second recession since 2009.

Prices of goods leaving factories, mines and refineries rose 3.4% from the same period in 2011, after increasing a revised 3.7% in January, the National Statistics Institute (INE) in Madrid said in a statement earlier today. This information matched the median forecast in a Bloomberg News survey.

Prices rose 0.6% on the previous month.

Prime Minister Mariano Rajoy's government, in power since December, forecasts a 1.7% economic contraction during 2012 as export growth slows and the deepest austerity measures in at least three decades undermine domestic demand.

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