In May, the consumer confidence indicator slightly diminished in the Euro Area (EA) and in the European Union (EU27), suspending the previous upward movements. In the same month, the raw materials and the oil prices recorded again strong year-on-year growth rates.
In Portugal, the economic climate indicator, available until May, increased in the last three months, resuming the upward movement started in May 2009. The economic activity indicator recovered in April, maintaining the positive path observed since August. The private consumption indicator increased again in April, attaining the maximum value since March 2000, due to the positive contribution of both components, non-durable and durable consumption. In the same month, the GFCF indicator recovered, mainly driven by the evolution of the transport material. However, considering monthly values, and not three months moving averages, some short-term indicators decelerated in April. Concerning the international trade of goods, in April the nominal imports and exports presented significant year-on-year growths, shifting form 7.8% and 14.2% in March to 12.9% and 18.4%, respectively. However, the balance of the external order books in manufacturing industry diminished in May.
In May, the year-on-year change rate of the Consumer Price Index (CPI) was 1.1%, 0.4 p.p. higher than the observed in the previous month. Excluding energy and unprocessed food products, the year-on-year change rate was -0.1% (-0.5% in April). In May the prices in the goods and services components accelerated 0.4 p.p. and 0.2 p.p., recording growth rates of 1.2% and 0.8%, respectively. The differential between the EA Harmonized Index of Consumer Prices (HICP) and the Portuguese HICP diminished 0.3 p.p. in May comparing with the previous month, to -0.5 p.p..