Thursday, Spain's National Institute of Statistics said in a report that the industrial producer price index dropped 2.4% year-over-year in March, after falling 1.1% in February. Economists had predicted a decline of 1.9%. A year ago, producer prices were up 6.6%.

In March, industrial prices for manufacturing fell 5.8% annually, while mining and quarrying prices increased 2.1%.

On a monthly basis, producer prices dropped 0.4% in March, after a stable growth in February.In January, producer prices were up 0.4%.

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