Consumer Price Index, March 2017, INE

Page created: Wednesday, 12 April 2017 15:24GMT

Press Release:  12 April 2017 - 6 Page(s)
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Consumer price Index  CPI  Inflation

CPI annual rate of change was 1.4% in March

The CPI annual rate moved from 1.6% in February to 1.4% in March 2017, mainly reflecting the deceleration in
prices of fuels. The annual core inflation rate, which excludes energy and unprocessed food products components,
was 0.6% (the same value as in the previous month).

The CPI monthly rate was 1.8% (-0.2% in the previous month and 1.9% in March 2016), while the CPI
12-month average was 0.8% (0.7% in the previous month).

In March 2017, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 1.4% (1.6%
in the previous month), 0.1 percentage points (p.p.) below the rate estimated by Eurostat for the Euro area (in
February, the Portuguese HICP annual rate of change was 0.4 p.p. below the rate for the Euro area).

In March 2017, the annual inflation rate measured by the CPI was 1.4%, 0.2 p.p. below the rate of the previous
month (see Fig. 1).

The annual core inflation rate, which excludes energy and unprocessed food products components, was 0.6%
(the same value as in the previous month). The unprocessed food aggregate recorded an annual rate of 4.2% in
March (3.9% in February 2017) while energy presented an annual rate of 4.7% (7.8% in the previous month).
The largest downward pressures on the overall annual rate of change came from decreases in the prices of Clothing
and Footwear and Furnishings, household equipment and routine maintenance of the house, while upward pressures came from changes in the prices of Food and non-alcoholic beverages and Transports.

In March, the CPI monthly rate was 1.8% (-0.2% in the previous month and 1.9% in March 2016). The main
decrease was observed in the prices of Transports. On the opposite side, upward contributions were observed in the
prices of Clothing and Footwear.

The CPI 12-month average rate was 0.8% in March (0.7% in the previous month).

In March, the HICP annual rate was 1.4% (1.6% in the previous month) while the HICP monthly rate was
2.0% (2.2% in March 2016).

In February 2017, the annual rate of change of the Portuguese HICP was 0.4 p.p. lower than the annual rate of
change for the Euro area. That difference is estimated to decrease to 0.1 p.p. in March 2017.

The HICP 12-month average rate was 0.9% in March (0.8% in February 2017).



Original title:  CPI annual rate of change was 1.4% in March

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