JANUARY 2022 35 MONTHLY STATISTICAL BULLETIN Steep acceleration of producer and consumer prices in the second half of 2021 In 20211: • There was an acceleration in prices, with the Consumer Price Index (CPI) showing a strong upward movement, registering year-on-year rates of change of 0.6% and 1.9% in the 1st and 2nd half of 2021, respectively, and 1.3% of annual average, after a nil rate of change in 2020; This price acceleration occurred in most CPI categories, although more pronounced in energy goods; • The increase in prices was even more marked in industrial production: its index rose by 6.4% in 2021, after having fallen by 3.9% in the previous year; • The annual rise in consumer goods producer prices was much more moderate (2.1%), and thus closer to that of the CPI. Economic activity Short-term indicators of economic activity from the production perspective, available for November: • In nominal terms, they continued to point to high growth, significantly more intense than in the previous month, mainly reflecting the acceleration of implicit prices; • In real terms, they showed increases in industry and construction; Compared to November 2019, only the production index in the industry shows a lower level, with the turnover indices in industry and services as well as the production index in construction recording higher levels. The economic activity indicator, which summarises a set of quantitative indicators of the economy, accelerated in October and November, after having slowed down between May and September. The economic climate indicator, which summarises the balance of respondents to the qualitative business survey questions, stabilised in December, having shown an irregular performance since July. Average electricity consumption on a working day registered a year-on-year rate of change of -1.8% in December, which compares with rates changes of 0.1% and 0.7% in October and November, respectively. Average consumption of electricity on working days 1 Based on information available up until the 18th of January 2022. - 1.8 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 Dec-05 Dec-07 Dec-09 Dec-11 Dec-13 Dec-15 Dec-17 Dec-19 Dec-21 vh/%
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