Observed by main groups according to the destination of consumption, in September 2023 in relation to the previous month, increase of prices was noted in the groups Transport (1.8%), Restaurants and hotels (0.9%), Health and Furnishing, household equipment and routine household maintenance (by 0.5% each), Housing, water, electricity, gas and other fuels (0.4%) and in the groups Food and non-alcoholic beverages and Alcoholic beverages and tobacco (by 0.2% each). Decrease of prices was noted in the groups Recreation and culture (-2.9%) and Communication (-0.1%).

Source: Statistics Serbia
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Consumer confidence index realized as 71.5

Consumer confidence index, calculated from the results of the consumer tendency survey carried out in cooperation with the Turkish Statistical Institute and Central Bank of the Republic of Türkiye, which was 68.0 in August increased by 5.1% in September to 71.5.

Consumer confidence index, sub-indices and rate of changes, September 2023

The next release on this subject will be on October 23, 2023.
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EXPLANATIONS

In monthly consumer tendency survey, consumers’ assessments and expectations on financial standing and general economic situation, also their expenditure and saving tendencies are measured.

The consumer confidence index calculated from the survey results is evaluated within the range of 0-200. It indicates an optimistic outlook when the index is above 100, but it indicates a pessimistic outlook when it is below 100.

The increase in probability of borrowing money index, which is the one of the indices concerning consumer tendency indicates an optimistic outlook while decrease in index indicates a pessimistic outlook. Similarly, increase in assessment and expectation in consumer prices change rate indices indicate a decrease in assessment/ expectation in consumer prices and vice versa. The increase in number of people unemployed expectation index indicates decrease of number of people unemployed expectation, whereas decrease indicates increase of number of people unemployed expectation.

No seasonal effect has been determined in the sub-indices used in the calculation of the consumer confidence index since January 2023. Detailed information on this subject is submitted in the metadata section.

Source: TurkStat
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

In Portugal, GDP in real terms registered a year-on-year rate of change of 2.5% in the first quarter (3.2% in the previous quarter) and a quarter-on-quarter increase of 1.6% (0.3% in the previous quarter).

The industrial production price index registered a negative year-on-year rate of change in April (-0.9%), which had not happened since February 2021, after increases of 8.9% and 0.1% in February and March, in sequence of the uninterrupted deceleration profile observed since July 2022. The grouping of Energy was decisive for the reduction of the total index, with rates of -21.5% and -17.9% in March and April, respectively. Excluding the energy component, this index decelerated to 4.7% (8.1% in March). The index for consumer goods recorded a year-on-year change of 9.9% (11.6% in the previous month), decelerating for the fifth consecutive month, after reaching in November the highest growth of the current series (16.2%).

The year-on-year rate of change in the Consumer Price Index (CPI) decelerated to 5.7% in April, 1.7 percentage points (p.p.) less than in the previous month. The index for unprocessed decelerated, from 19.3% in March to 14.2% in April. On the external side, the implicit prices of exports and imports of goods, in March, registered year-on-year rates of change 4.8% and -2.2%, respectively (7.1% and 4.4% in February).

The short-term indicators for economic activity from the perspective of production, available for March, point out to a nominal slowdown in Industry and Services, a real decrease in Industry and an acceleration in Construction. From the expenditure side, the economic activity indicator increased less intensely in March, while the Gross Fixed Capital Formation indicator decreased in year-on-year terms and the private consumption indicator accelerated. The economic climate indicator, which summarizes the balances of responses to questions relating to business surveys, increased between January and April.

According to the Labour Force Survey, in the first quarter of 2023, the unemployment rate stood at 7.2%, 0.7 percentage points more than the rate observed in the previous quarter (5.9% in the first quarter of 2022). The number of unemployed increased by 23.3% in year-on-year terms (year-on-year rate of change of 3.7% in the previous quarter). The labour underutilization rate was 0.8 percentage points higher than in the fourth quarter, standing at 12.5% and 680.7 thousand people (633.1 thousand people in the previous quarter). Total employment increased by 0.4% compared to the previous quarter and 0.5% in year-on-year terms (year-on-year rate of change of 0.5% in the fourth quarter). The volume of hours actually worked has increased by 3.4% in year-on-year terms (4.6% in the previous quarter). The active population had a year-on-year increase of 1.8%.

Source: Statistics Portugal
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Source: TurkStat
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

The consumer price index increased 9.2 percent year on year in March, less than the previous month’s 10.9 percent increase. This was slightly higher than the 9.1 percent growth noted in the flash report.

According to estimates, EU harmonized inflation fell to 9.2 percent from 11.0 percent a month before.

“In March 2022, after the start of the war in Ukraine, fuel and heating oil had become massively more expensive – in comparison, fuel and heating oil prices have now fallen sharply,” said Tobias Thomas, director general at Statistics Austria.

Food prices increased relatively slowly in March 2023, but restaurant costs rose roughly in line with February.

The annual price increase in housing and utilities was 14.1 percent in March, down from 16.5 percent in February. Food and non-alcoholic beverage prices rose considerably, but at a slower rate of 14.5 percent.

The consumer price index rose 0.5 percent on a monthly basis, up from 0.4 percent previously. At the same time, the HICP’s monthly gain of 0.5 percent was verified.

Source: RTT News
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

Consumer Tendency Survey for April was conducted in 81 provinces, including the regions affected by the earthquake.

Consumer confidence index realized as 87.5

Consumer confidence index calculated from the results of the consumer tendency survey carried out in cooperation with the Turkish Statistical Institute and Central Bank of the Republic of Türkiye increased by 9.2% in April compared to the previous month. The index became 87.5 in April while it was 80.1 in March.

Consumer confidence index, sub-indices and rate of changes, April 2023

The next release on this subject will be on May 22, 2023.
___________________________________________________________________________________________________

EXPLANATIONS

In monthly consumer tendency survey, consumers’ assessments and expectations on financial standing and general economic situation, also their expenditure and saving tendencies are measured.

The consumer confidence index calculated from the survey results is evaluated within the range of 0-200. It indicates an optimistic outlook when the index is above 100, but it indicates a pessimistic outlook when it is below 100.

The increase in probability of borrowing money index, which is the one of the indices concerning consumer tendency indicates an optimistic outlook while decrease in index indicates a pessimistic outlook. Similarly, increase in assessment and expectation in consumer prices change rate indices indicate a decrease in assessment/ expectation in consumer prices and vice versa. The increase in number of people unemployed expectation index indicates decrease of number of people unemployed expectation, whereas decrease indicates increase of number of people unemployed expectation.

No seasonal effect has been determined in the sub-indices used in the calculation of the consumer confidence index since January 2023. Detailed information on this subject is submitted in the metadata section.

Source: TurkStat
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

Harmonised index of consumer prices, March 2023
+7.8% on the same month a year earlier (provisional result confirmed)
+1.1% on the previous month (provisional result confirmed)

The inflation rate in Germany, measured as the year-on-year change in the consumer price index (CPI), stood at +7.4% in March 2023. In both January and February 2023, the inflation rate had been +8.7%. “The rate of inflation has slowed but remains at a high level”, says Ruth Brand, President of the Federal Statistical Office. She adds: “Households felt especially the impact of yet another rise in food prices in March.” The Federal Statistical Office (Destatis) also reports that consumer prices in March 2023 were up 0.8% on February 2023.

Prices of energy products up 3.5% year on year

Energy product prices were 3.5% higher in March 2023 than a year earlier. The increase in energy product prices thus slowed considerably, remaining below the inflation rate. It stood at +19.1% in February and +23.1% in January. Due to the previous year’s strong rise in energy prices, the figure for March 2023 was however subject to a base effect. Motor fuels cost considerably less (-16.1%) than a year earlier. Energy prices are subject also to the electricity, natural gas and district heating price brakes taking effect retrospectively from January 2023. The overall development of energy prices is however influenced by many factors, especially international purchase prices.

A particularly large increase was again recorded for household energy prices from March 2022 to March 2023 (+21.9%). There were price rises of 39.5% for natural gas, 17.1% for electricity and 16.4% for district heating. Above-average price increases of other household energy products also continued, with prices of firewood, wood pellets and other solid fuels up 39.4%, for example. Heating oil prices, in contrast, decreased substantially by 35.7%.

22.3% increase in food prices year on year

Food prices were up 22.3% in March 2023 compared with the same month a year earlier. The rise in food prices thus accelerated even more (February 2023: +21.8%; January 2023: +20.2%) and meanwhile stands at three times the overall inflation rate. As in the preceding months, higher prices were recorded for all food groups in March 2023. There were substantial price rises especially for dairy products and eggs (+34.6%). There were considerable year-on-year price increases also for vegetables (+27.3%), bread and cereals (+23.8%) as well as fish products and seafood (+22.2%). Very high price rises were observed for some foodstuffs. Consumers had to pay 70.9% more for sugar than in the same month of the previous year, for instance.

Inflation rate excluding energy and food at +5.8%

The rate of inflation excluding energy stood at +7.8% in March 2023 and thus was higher than the overall rate of inflation, which means that energy prices currently even have a slight downward effect on inflation. To what extent food prices currently affect overall inflation is revealed when energy and food are excluded. The resulting rate was markedly lower (+5.8%). Furthermore, the inflation rate excluding energy and food shows that inflation is high also for other product groups. The rate had been above the five-percent threshold in December 2022 already and increased slightly again after standing at +5.6% in January 2023 and +5.7% in February 2023.

Prices of goods up 9.8% on March 2022

The prices of goods (total) were up 9.8% in March 2023 compared with the same month a year earlier. The price increase was particularly large for non-durable consumer goods (+11.9%), which was mostly due to the rise in food prices. Considerably higher prices had to be paid also for non-durable consumer goods for personal care (+14.6%), beer (+13.6%) and non-alcoholic beverages (+13.2%). Prices of durable consumer goods were up 6.2% on the same month of the previous year. Substantial price increases were observed especially for furniture and lighting equipment (+10.3%) as well as new cars (+7.5%).

Service prices up 4.8% year on year

The prices of services (total) were up 4.8% in March 2023 on the same month of the previous year. Net rents exclusive of heating expenses rose 2.1%. Above-average price increases were observed for some services such as maintenance and repair of dwellings (+16.6%), catering services in restaurants, cafes and the like (+10.8%) and services of social facilities (+9.8%). Prices were down year on year only for a very small number of services, for instance, telecommunications services (-0.9%).

Prices up 0.8% month on month, with food prices increasing 1.3%

Compared with February 2023, the consumer price index rose by 0.8% in March 2023. Considerable seasonal price increases were observed especially for package holidays (+9.2%), air tickets (+8.5%) and clothing (+5.1%). Households also had to pay more for food in general than in the preceding month (+1.3%), especially for vegetables (+6.5%). Again there was a striking drop in the prices of edible fats and oils (-3.1%), especially of butter (-7.0%), from a month earlier. Energy prices (total) remained unchanged. Some energy products saw price increases nevertheless; the prices of district heating (+1.2%) and natural gas (+0.7%) went up in spite of the price brakes. Along with these price increases, some decreases were observed, among others, for heating oil (-2.3%) and electricity (-0.6%). Motor fuel prices (total) remained nearly unchanged (-0.1%, including supergrade petrol: +0.3%, diesel fuel: -1.6%).

Source: DESTATIS
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The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in February on a seasonally adjusted basis, after increasing 0.5 percent in January, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 6.0 percent before seasonal adjustment.

The index for shelter was the largest contributor to the monthly all items increase, accounting for over 70 percent of the increase, with the indexes for food, recreation, and household furnishings and operations also contributing. The food index increased 0.4 percent over the month with the food at home index rising 0.3 percent. The energy index decreased 0.6 percent over the month as the natural gas and fuel oil indexes both declined.

The index for all items less food and energy rose 0.5 percent in February, after rising 0.4 percent in January. Categories which increased in February include shelter, recreation, household furnishings and operations, and airline fares. The index for used cars and trucks and the index for medical care were among those that decreased over the month.

The all items index increased 6.0 percent for the 12 months ending February; this was the smallest 12-month increase since the period ending September 2021. The all items less food and energy index rose 5.5 percent over the last 12 months, its smallest 12-month increase since December 2021. The energy index increased 5.2 percent for the 12 months ending February, and the food index increased 9.5 percent over the last year.

Source: U.S. Bureau of Labor Statistics
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.