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More pronounced deceleration in Industrial Production prices, from a higher level than that observed in Consumer Prices
Monthly Economic Survey
More pronounced deceleration in Industrial Production prices, from a higher level than that observed in Consumer Prices - November 2022
21 December 2022


Considering the information already available for December, the oil (Brent) registered an average price of 76.5 euros in the first sixteen days, 14.6% lower than November.

The short-term indicators for economic activity from the perspective of production, available for October, point to a deceleration of economic activity in nominal terms, with a decrease in real terms in industry and an acceleration in construction. The economic activity indicator, which summarizes a set of quantitative indicators that reflects the evolution of the economy, decelerated intensely in September and October, reaching the lowest rate of change since March 2021. The economic climate indicator, which summarizes the balances of responses to questions relating to business surveys increased in November, after having decreased between August and October.

The manufacturing price index recorded, in November, a year-on-year rate of change of 19.6%, decelerating for the fourth consecutive month from the highest growth of the current series observed in July (25.9%). Excluding the energy component, this index increased by 13.9% in year-on-year terms (14.7% in October). The index of consumption goods continued to accelerate, moving from a year-on year rate of change of 15.7%, in October, to 16,2% in November.

In turn, the year-on-year rate of change in the Consumer Price Index (CPI) was 9.9% in November 2022 (10.1% in September 2022, the highest rate of change since May 1992). The annual core inflation rate, which excludes energy and unprocessed food products, maintained the upward trend of the previous months, accelerating to 7.2% (7.1% in the previous month). In the external environment, the unit value indices (prices) registered year on-year growth rates of 14.5% in exports and 14.2% in imports (16.4% and 18.2% in September). Excluding petroleum products, the year-on-year growth rates were 12.6% and 10.5%, respectively (14.1% and 12.6 in the previous month).

According to the provisional monthly Labour Force Survey, the unemployment rate (16 to 74 years old), seasonally adjusted remained at 6.1% in October (6.0% in July and 6.3% in October 2021). The labour underutilization rate (16 to 74 years old) stood at 11.4%, 0.1 percentage points more than in September (11.5% in July and 11.7% in October 2021). The employed population (16 to 74 years old), seasonally adjusted, increased by 0.7% in year-on-year terms and decreased 0.2% compared with the previous month (year-on-year rate of change of 1.0% in September).

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