Inflation accelerates in December 2016

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Page created: Friday, 3 February 2017 11:53 GMT | Updated: Friday, 3 February 2017 12:47 GMT

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CPI  Economic Activity  HICP   indicators  Inflation

With the exception of the OECD, main economic climate indicators showed an upward trend

The Consumer Price Index rose 0.3 pp from the previous month, reaching 0.9% annual change in December 2016. The economic climate indicators of INE and the economic sentiment indicator of the European Commission showed an upward trend, as well as the coincident indicators of the Portuguese Central Bank.

In December 2016, the Consumer Price Index (CPI) registered an annual change rate of 0.9%, corresponding to an increase of 0.3 pp compared to the previous month. The annual core inflation rate, CPI excluding energy and unprocessed food products components, stood at 0.5%. The Harmonised Index of Consumer Prices (HICP), which serves to compare the different countries in the European Union, was 0.9% vis-à-vis December 2015, a rate of change below those registered in the European Union and in the Euro Area, 1.1% and 1.2%, respectively. In 2016, both the CPI and the HICP recorded an annual average rate of change of 0.6%. The types of expenditure which contributed the most to the CPI increase were restaurants and hotels, communications, alcoholic beverages and tobacco, and food and non-alcoholic beverages.

The economic climate indicator of INE – Statistics Portugal rose again in January after declining in the previous two months. The consumer confidence indicator of INE – Statistics Portugal as well as the European Commission’s economic sentiment indicator rose for the fifth consecutive month, with the former recording the maximum value since April 2000. The coincident indicators of the Portuguese Central Bank (Banco de Portugal) for economic activity and for private consumption increased in December for the third consecutive month. The November figures regarding Portugal of the OECD index of the Composite Leading Indicators recorded a value of 100.40, continuing the downward path after peaking at 100.56 in September.

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