Summary
In September, the consumer confidence indicator increased in the Euro Area (EA) and in the European Union (EU27), maintaining the previous upward paths. In the same month, the raw materials and the oil prices continued to register strong year-on-year growth rates, accelerating when comparing with August.
In Portugal, the economic climate indicator, available until September, stabilized in the last three months, suspending the upward movement started in May 2009. The economic activity indicator recovered slightly in August, maintaining the upward path observed in the previous months. The private consumption indicator decreased between June and August, led by the negative contribution of both components, durable and non-durable consumption. The GFCF indicator recorded a slightly stronger reduction in August, driven by the negative evolution of the transport material component. Concerning the international trade of goods, imports and exports recorded significant year-on-year nominal growth rates in August, of 11.4% and 14.9% respectively (12.9% and 14.3% in July).
In September, the year-on-year change rate of the Consumer Price Index (CPI) stabilized in 1.9%. Excluding energy and unprocessed food products, the year-on-year change rate was 0.6%, 0.2 p.p. less than in August. In September, the prices of the goods and of the services components presented year-on-year growth rates of 2.6% and 1.1% (2.5% and 1.1% in August, respectively). The differential between the Portuguese HICP and the EA Harmonized Index of Consumer Prices (HICP) decreased 0.2 p.p. in September, to 0.2 p.p..