In the context of the war against Ukraine, Consumer confidence indicator decreased abruptly in March, following the increases of the previous two months. The observed decline was the second largest of the series, being only surpassed by the fall registered in April of 2020, in the beginning of the COVID-19 pandemic. The balance of Consumers expectations regarding the future evolution of the price level registered in March the largest increase of the series, largely surpassing the previous maximum value.
The economic climate indicator decreased moderately in March, after reaching in the previous month a level identical to that observed in February 2020 and presenting an irregular behavior between July and January. Confidence indicators decreased in March in Manufacturing Industry and Construction and Public Works and increased in Trade and Services.
In all these sectors, the entrepreneurs’ expectations regarding the future evolution of selling prices increased significantly in March, recording the maximums of the respective series, with emphasis on the Manufacturing Industry, where the largest increase was observed.