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Strong upward trend in industry prices continues
Monthly Economic Survey
Strong upward trend in industry prices continues - October 2021
18 November 2021


In the available quantitative information, it is worth highlighting the acceleration of the manufacturing industry prices index, which recorded the highest rate of change of the current series in October, reaching a year-on-year rate of change of 11.0% (10.1% in the previous month), mainly reflecting the strong growth in the prices of energy and intermediate goods. The prices of manufacturing of consumption goods have been increasing considerably below the other components, accelerating even so to a year-on-year rate of change of 3.5% (2.6% in the previous month). Reflecting not only the growth in prices, but also the recovery of the activity, the services turnover index (including retail trade) maintained a year-on-year rate of change above 10%, decelerating by 0.4 percentage points comparing to the previous month to 10.3%. Compared to September 2019, this index increased by 1.5%. The construction production index grew by 1.9% in year-on year terms in September, after increasing by 2.3% in the previous month. Compared to September 2019, this index registered an increase of 0.6%. The synthesis quantitative indicators summarizing economic activity and private consumption continued to decelerate in September 2021, while the investment indicator showed negative year-on-year rates of change in August and September. In October, the economic climate indicator increased, after presenting an irregular behaviour since July, attaining the level observed in February 2020.

According to the Labour Force Survey, the unemployment rate stood at 6.1% in the second quarter of 2021, 0.6 percentage points below the rate observed in the previous quarter (8.0% in the third quarter of 2020). The number of unemployed decreased by 21.0% in year-on-year terms (increase of 24.2% in the second quarter). The labour underutilization rate was 0.4 percentage points lower than in the second quarter, standing at 11.9% 

The year-on-year rate of change of the Consumer Price Index (CPI) was 1.8% in October, 0.3 percentage points higher than in the three previous months. 

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