Summary
In August, 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 0.1% and 9.5% (7.7% and -9.9% in July), respectively.
In Portugal, the economic climate indicator recovered in August, resuming the tenuous upward movement started in March. The economic activity indicator registered a less pronounced decrease in June and July, interrupting the strong descending path observed since September 2010. The private consumption indicator presented a less intense year-on-year reduction in July, mainly reflecting the lower negative contribution of non-durable consumption. In the same month, the Gross Fixed Capital Formation (GFCF) recorded a slightly less intense year-on-year reduction, due to similar evolutions of all components, especially of transport material. Concerning the international trade of goods, exports and imports in nominal terms registered year-on-year change rates of 8.3% and -6.5% in July (7.1% and  8.6% in the previous month), respectively.
The year-on-year change rate of the Consumer Price Index (CPI) shifted from 2.8% in July to 3.1% in August. This behaviour was due to the acceleration of the goods prices (year-on-year growth rates of 2.5% in July and 3.6% in August), since the services prices decelerated, recording a growth rate of 2.7% in August, 0.5 p.p. less than in the previous month. Excluding energy and unprocessed food products, the CPI recorded a year-on-year growth rate of 1.4% in August (1.3% 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 0.6 p.p., more 0.2 p.p. than in the previous month.