SYNTHESIS INE@COVID-19, 25 Jan-2021

January . 25 . 2021 SYNTH SIS IN @ COVID-19 www.ine.pt page 9/21 Communication Unit | tel: +351 21 842 61 10 | sci@ine.pt The CPI average year-on-year rate of change was nil in 2020 Year-on-year rate of change was -0.2% in December Year-on-year rate of change In 2020, the Consumer Price Index (CPI) recorded a nil average year-on-year rate of change (+0.3% in 2019). Excluding energy and unprocessed food from the CPI, the average rate of change was also nil (0.5% in the previous year). The decline in the rate of change in the CPI between 2019 and 2020 was influenced by the behaviour of core inflation and the negative evolution of energy prices, which recorded average year-on-year rates of change of 0.0% and -5.0% respectively (0.5% and -1.8% in 2019). Unprocessed food prices increased by 4.0% in 2020 (+0.9% in the previous year). Total CPI rate of change - 0.23% 0.3% 0.0% -1.00% -0.80% -0.60% -0.40% -0.20% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Year-on-year rate of change Annual average rate of change 2019 Annual average rate of change 2020 Year-on-year rate of change In December 2020, the Consumer Price Index (CPI) fell by -0.2% compared to the same month in 2019, recording the same rate as the previous month. There were also the following year-on-year rates of change in December 2020: • Unprocessed food index: 2.6% (3.8% in November); • Energy index: -4.9% (-6.0% in November); • Core inflation indicator (total index excluding unprocessed food and energy ): -0.1% (-0.2% in November). Consumer price and core inflation indices (year-on-year rate of change and 12-month moving average 0.04% -0.22% -0.20% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 CPI (12-month moving average) CPI (year-on-year rate of change) Core Infla ti on (year-on-year rate of change)

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