SYNTHESIS INE@COVID-19, 15 Sept -2020

September . 15 . 2020 SYNTH SIS IN @ COVID-19 www.ine.pt page 6/15 Communication Unit | tel: +351 21 842 61 10 | sci@ine.pt CPI annual rate of change was nil The Consumer Price Index (CPI) annual rate was nil in August 2020 (+0.1% in July). The unprocessed food aggregate recorded an annual rate of change of +4.2% in August (+4.8% in July) while energy presented an annual rate of change of -4.9% (-5.3% in the previous month). The annual core inflation rate of change (total index excluding energy and unprocessed food products) was -0.1% (+0.1% in July). The increases in the year-on-year rates of change of the following aggregates stand out in comparison with the previous month: • Restaurants and hotels : +1.7% (+1.2% in July); • Alcoholic beverages and tobacco : -0.2% (-0.6% in July). Conversely, the decrease in the year-on-year rate of change of the following aggregates should be highlighted: • Transports : +3.2% (-2.6% in July); • Food and non-alcoholic beverages : +2.3% (+2.6% in July); • Communications : -1.0% (-0.6% in July). Month-on-month rate of change In August 2020, the CPI recorded a month-on-month rate of change of -0.3% (-1.3% in the previous month and -0.1% in August 2019). Excluding unprocessed food and energy products, the CPI variation was -0.3% (-1.7% in the previous month and -0.1% in August 2019). Harmonized Index of Consumer Prices The Harmonised Index of Consumer Prices (HICP) - the most appropriate inflation indicator for comparisons between the different countries of the European Union, and in particular the Euro Area - recorded in Portugal a year-on-year rate of change of -0.2% in August (-0.1% in July). Consumer price and core inflation indices (year-on-year rate of change and 12-month moving average) -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% CPI (12-month moving average) CPI (year-on-year rate of change) Core Inflation (year-on-year rate of change) Aug-20 Mar-20 Feb-20 Nov-19 Mar-19 Aug-19 Feb-19 Nov-18 Mar-18 Aug-18 Feb-18 Mar-17 Feb-17 Nov-16 Aug-16 Aug-17 Nov-17

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