Summary
In August, the consumer confidence indicator increased in the Euro Area (EA) and in the European Union (EU27), maintaining the upward movement started in May 2009 in the first case, and interrupting the reduction of the three previous months in the second. In the same month, the raw materials and the oil prices continued to register strong year-on-year growth rates.
In Portugal, the economic climate indicator, available until August, stabilized in the last two months, suspending the upward movement started in May 2009. The economic activity indicator recovered in July, maintaining the upward path observed since August 2009. The private consumption indicator decreased in June and July, led by the negative contribution of both components, durable and non-durable consumption. The GFCF indicator diminished less intensely in July, driven by the evolution of the construction component. Concerning the international trade of goods, imports and exports recorded in July positive year-on-year nominal change rates of 12.7% and 13.8%, respectively (18.8% and 17.2% in June).
In August, the year-on-year change rate of the Consumer Price Index (CPI) was 1.9%, 0.1 p.p. higher than the observed in the previous month. Excluding energy and unprocessed food products, the year-on-year change rate was 0.8% (0.6% in July). In August, the prices of the goods component accelerated 0.1 p.p. to 2.5%, while the prices of the services component decelerated 0.1 p.p. to 1.1%. The differential between the EA Harmonized Index of Consumer Prices (HICP) and the Portuguese HICP increased 0.2 p.p. in August compared with the previous month, to 0.4 p.p..