Summary
In June, the economic sentiment and the consumer confidence indicators decreased in the Euro Area (EA). In the same month, the raw materials and oil prices presented monthly change rates of -4.2% and -12.0% (-2.1% and -5.2% in May), respectively.
In Portugal, the economic climate indicator recovered tenuously between March and June, interrupting the strong downward movement started in October 2010. The economic activity indicator diminished again in May, maintaining the intense descending path observed since September 2010. The private consumption indicator presented a slightly less significant reduction in May. In the same month, the Gross Fixed Capital Formation (GFCF) recorded a stronger decrease. Concerning the international trade of goods, exports and imports in nominal terms registered year-on-year change rates of 6.5% and -9.5% in May, respectively (8.1% and  -7.3% in the previous month). In the supply side, most of the available quantitative indicators presented more intense year-on-year reductions in comparison to the previous month.
The year-on-year change rate of the Consumer Price Index (CPI) stabilized in 2.7% in June (3.0% in April). Excluding energy and unprocessed food products, the CPI recorded a year-on-year growth rate of 1.5% in June (1.6% in the previous month). The differential between the year-on-year change rates of the Portuguese and the EA Harmonized Index of Consumer Prices (HICP) was 0.3 p.p. in the last three months.