Manufacturing industry prices soared 10% in September

The manufacturing industry prices index increased 10% in September, compared to the same period of the previous year, according to Statistics Portugal (INE). The data published this Wednesday also showed that the indicator measuring the economic climate in the country fell, whilst consumer confidence rose.

The industrial production prices index of Portuguese major partners “presented, since June 2020, a marked upward trajectory, standing, in August, 10.4% above the index level of August 2020 (the highest year-on-year rate of change of the series) and 8.3% above the level registered two years ago,” INE said.

On the other hand, the year-on-year rate of change of the Consumer Price Index (CPI) was stable at 1.5% between July and September. For the Euro Area, the estimate for the harmonised Consumer Price Index points to a “year-on-year rate of change of 3.4% in September, the highest rate since September 2008.”

The economic climate indicator decreased in September, “presenting an irregular behaviour since July, when the recovery observed since March was interrupted,” notes INE. In the Euro Area, the economic sentiment indicator increased marginally in the ninth month of the year, after having fallen in August.

As for the consumer confidence indicator, there was an increase in August and September, after this indicator had retreated in July, approaching the pre-pandemic values recorded in early 2020.