SYNTHESIS INE@COVID-19, 23-Nov-2021

November . 23 . 2021 SYNTH SIS IN @ COVID-19 www.ine.pt page 7/11 Communication Unit | tel: +351 21 842 61 10 | sci@ine.pt Industrial prices continue to increase at a strong pace Regarding the most recent quantitative information 1 available 2 , the emphasis goes to the acceleration of the manufacturing output price index, which in October recorded the highest growth of the current series, reaching a year-on-year rate of change of 11.0% (10.1% in the previous month), mainly reflecting the strong growth of prices of energy and intermediate goods. In September 2021: • The quantitative summary indicators for economic activity and private consumption continued to decelerate; • The investment indicator showed negative year-on-year rates of change, as had already occurred in August; • Short-term indicators of economic activity from the production perspective continued to point to high growth in nominal terms, while in real terms there was a less intense decrease in industry and a slowdown in construction; • Exports and imports of goods registered nominal year-on-year rates of change lower than in the previous month. Compared to September 2019, exports increased by 0.5 percentage points (p.p.) and imports decreased by about 10 p.p. It should be noted that these changes reflect the impacts of the significant price increases of energy goods and several raw materials. In October 2021: • The economic climate indicator increased, after having shown irregular performance since July, reaching the level recorded in February 2020; • The consumer confidence indicator decreased, after having increased in August and September; • Output prices of consumer goods accelerated to a year-on-year rate of change of 3.5% (2.6% in the previous month); • The manufacturing output price index registered the highest growth in this series, reaching a year-on-year rate of change of 11.0% (10.1% in the previous month); • Sales of passenger cars registered a year-on-year decrease of 22.7%, after the 18.4% drop in the previous month; Passenger car sales 1 This analysis is based on series of effective data (raw or seasonally adjusted). 2 Based on information available up to the 17 th of November 2021. - 22.7 -200.0 -100.0 0.0 100.0 200.0 300.0 400.0 500.0 Oct-05 Oct-07 Oct-09 Oct-11 Oct-13 Oct-15 Oct-17 Oct-19 Oct-21 y-o-y rate/%