In February, the economic sentiment and the consumer confidence indicators for the Euro Area (EA) recorded a new recover. In the same month, the raw materials and oil prices presented monthly change rates of 0.1% and 2.2%
(-0.9% and 1.9% in January), respectively.
In Portugal, the economic climate indicator slightly recovered in January and February, although remaining close to the lowest value of the series observed in December. The economic activity indicator, available until January, registered a less intense decrease in the last five months. The private consumption indicator presented a slightly more pronounced year-on-year reduction in January, reflecting the stronger negative contribution of the non-durable consumption component. The Gross Fixed Capital Formation (GFCF) indicator recorded a slightly stronger decrease in January, attaining the minimum of the series, which reflected the negative evolution of the construction component. Concerning the international trade of goods, in nominal terms, exports and imports registered year-on-year change rates of 1.0% and -6.4% in January (1.1% and -2.3% in the previous month), respectively. Without using three-month moving averages, the nominal exports of goods shifted from a year-on-year change rate of -2.9% in December to 5.6% in January.
The 12-month average rate of the Consumer Price Index (CPI) was 2.2% in February (2.5% in January). The 12-month average rate of the Harmonized Index of Consumer Prices (HICP) decreased to 2.3% in January (2.5% in the previous month). In February, the differential between the Portuguese HICP and the EA HICP was -0.1 p.p. (0.1 p.p. in January).