In 2022, the Consumer Price Index (CPI) registered an average annual rate of change of 7.8% (1.3% in 2021), the highest value since 1992. The average annual rate of change of the core inflation rate, which excludes energy and unprocessed food products, was 5.6% in 2022 (0.8% in 2021). The increase in the rate of change of CPI between 2021 and 2022 was driven by the behaviour of core inflation and by the acceleration of the prices of energy and unprocessed food products, that registered annual rates of change of 12.2% and 23.7% (0.6% e 7.3% in 2021). The increase in prices was even more pronounced in industrial production, with the respective index presenting an average annual growth rate of 21.2% in 2022, the highest in the series (6.5% in 2021). Excluding the energy component, there was an average annual rate of change of 14.5%, 9.1 percentage points higher than that observed in 2021. The increase in prices in the production of consumer goods was also quite significant (12, 5%) being, however, closer to that observed in terms of consumer prices.

The overall amount of national withdrawals, payment of services and purchases at automatic payment terminals carried out on the automatic teller machines of the Multibanco network presented a year-on-year rate of change 12.8% in December (10.1% in the previous month). Considering the year 2022 as a whole, there was a growth rate of 18.8% in the overall value of the operations carried out (10.9% in 2021).

The short-term indicators, available for November, point out to a deceleration of economic activity in nominal terms in services and an acceleration in industry, with a decrease in real terms in industry and in construction. On the expenditure perspective, the composite indicators of economic activity and Gross Fixed Capital Formation (GFCF) decreased in November, while the private consumption indicator decelerated.

According to the provisional monthly Labour Force Survey, the unemployment rate (16 to 74 years old), seasonally adjusted, was 6.4% in November, 0.4 percentage points more than in the previous month (6.0% in August and 6.2% in November 2021). The labour underutilization rate (16 to 74 years old) stood at 11.6%, 0.4 percentage points above the value recorded in October (11.4% in August and 11.6% in the same period of the previous year). The employed population (16 to 74 years old), seasonally adjusted, increased by 0.3% in year-on-year terms and decreased 0.4% compared with the previous month (year-on-year rate of change of 1.0% in October).

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