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new year, new prices



new year, new prices

light, gas and water

The electricity bill at the end of the month will not be the same for everyone. This is due to the fact that the value of the regulated market, which accounts for 5% of total consumption and 915 thousand customers, will grow by 0.2%, although this is 3.4% less than in December. For those in the free market, the cost depends on the seller. The EDP will raise prices by an average of 2.4%, which would mean an increase of about 90 cents per month, while growth in Galp should be about 2.7 euros per month. Endesa makes sure it doesn’t change the values. Bottled gas prices are also expected to rise after year-end record prices. As for natural gas, the 0.3% increase implemented in October will be maintained and will remain in effect until September. On the water side, if companies decide to follow the Water and Waste Management Regulatory recommendations, an increase of 0.9% is expected in line with inflation. For its part, the waste management fee is expected to remain the same after rising to 22 euros this year.


So far, one thing seems clear: food will rise in price this year, although the agricultural year had reasons to smile. Meat and fish are known to rise in price – with an increase of roughly double digits – with an emphasis on veal and poultry, which should be more pronounced. Pork is not included in these accounts. But that’s not all: olive oil will already rise in price, and bread will also rise in price. Even milk prices are expected to rise in line with the industry-wide trend in 2022. We are talking about a number of factors, such as a shortage of raw materials, rising fuel prices and, of course, inflation. From food to clothing, the price of which can also be expected to rise.

bank fees

Novobanco, Santander Totta and BCP are already forecasting higher bank fees. For example, in novobanco, a demand deposit of more than 35 thousand euros will be paid in the same way as if it was less than this amount, that is, 62.30 euros per month. Credit commissions are also increasing. For personal loans for leasing furniture (excluding new cars), the contracting fee increases to € 400 in portfolio transactions, while it is currently € 314 for up to three years and € 380 for over three years. Processing fees for these loans rose to € 36 per quarter (up from € 33). At Santander Totta, starting from February, the bundled account commission increases to € 5.30 / month and the credit card fee to € 2.25 / month (subject to certain conditions). In the case of BCP, the commission is retained (if the loan was less than 250,000 euros, it is 199.92 euros per year, if the loan is equal to or exceeds 250,000 euros, the commission is 60 euros per year), however, the exemption from these commissions applies only to loans, equal to or exceeding two million euros. Undoubtedly, other banks will have to follow the update.

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Fuel and tobacco

The price of fuel is constantly rising and falling and changing every week depending on the price of raw materials. And while prices can change from mail to mail – since the price set on the web must also take into account the level of competition, supply and demand in each market – there is no doubt that the numbers hit record highs this past year. values. Consumers will pay a new carbon tax of € 0.54 on gasoline and € 0.58 on diesel. But drivers will have to prepare for other climbs. The carbon tax freeze ends in March, with the Portuguese Association of Petroleum Companies (Apetro) pointing to an increase of four to five cents per liter since then (excluding VAT). The oil and energy products tax (ISP) is also expected to rise by one cent per liter for diesel and two cents per liter for gasoline. With regard to tobacco, there is little certainty yet, as the proposed State Budget for 2022 was rejected but provided for an increase of 10 cents.


At the moment, not all operators have announced what they intend to do with the price list next year, but some have already said they will raise prices. At the moment, customers of Meo – the Altice brand – have already been informed that from January 1, the operator will increase the base price of the monthly fee by 50 cents. And, if there is confidence that Meo will raise prices, Nowo guarantees that this will not happen, assuming “no updates are planned.” NOS and Vodafone have yet to comment on this issue. However, it must be remembered that the 5G auction has finally come to an end and hence the operators now need to make some big investments. DECO Proteste has already taken into account the first offers and warned that operators are preparing to raise prices by five euros on some packages.

I am

The price per square meter (m2) for the purposes of calculating the municipal property tax (IMI) and calculating the taxable patrimonial value (VPT) in 2022 will remain at 615 euros for most municipalities. But some even decided to lower this value. The price charged consists of the average construction cost, which is set annually at the suggestion of the National Urban Evaluation Commission, and remains at 492 euros, to which is added 25% of the same amount set by the Government. , which corresponds to the size of m2 of the implantation site. And it is determined taking into account, namely, direct and indirect costs incurred during the construction of the building, such as costs of materials, labor, equipment, administration, energy, communications and other consumables, explains the IMI Code. It is used in the formula to calculate the VPT of urban buildings for residential, commercial, industrial and service industries. In addition, the IMI rates set by the municipalities in which the property is located are subject to income tax, which ranges from a minimum of 0.3% to a maximum of 0.45%. But regardless of the IMI fee charged by the councils, IMI will grow by about 4% next year for new or refurbished properties.

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health and insurance

The bad news is mostly about government officials. In September, the new ADSE regime table began to apply, however, some prices were revised, and these changes will only take effect in early 2022. For example, childbirth is 35% more expensive. In the area of ​​health care, we can also see a rise in the prices of health insurance policies. But the good news is that the government wants to stop the fall in drug prices. The goal of this mechanism is to “ensure the sustainability of the National Health Service and prevent drug erosion at lower prices.” In addition, the VAT on gels and masks in 2022 will remain at a reduced rate, while the costs will be deducted by the IRS as health care costs, as was the case this year.


This is yet another case of inflation in action: home prices will continue to rise next year, and rising demand is not helping either. APEMIP President Paulo Cayado has already said that there is “stability and a trend to keep this path” of growth. And he adds that “prices are dictated by supply and demand, and this is what will indicate its evolution.” This problem is exacerbated by the rise in construction costs, which “also determines the final price per square meter.” The cost of home installments must be maintained. This is due to the fact that very little impact is expected to come from an increase, also negligible, in Euribor rates. And for those who rent out, the destination is no different. Rentals did not increase in 2021 but will rise in 2022 due to inflation: an increase of 0.43%.

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The chip crisis will continue to take its toll on the automotive sector in 2022. And the lack of these raw materials can lead to higher prices for new cars. The news is also not good for those thinking of buying a used car, which has been experiencing price increases in recent months due to poor supply.
Also, be prepared to pay more when you go for an inspection. New tariffs for technical inspections of road vehicles will rise 0.9% as they reflect inflation (excluding housing) recorded last month by the National Statistical Institute. In general, in the case of a passenger car, from January 1, you will have to pay an additional 31 cents: the fare rises to 31.80 euros. The base price rises from € 25.60 to € 25.85, plus a VAT rate of 23%. If you have a heavy car, the surcharge is 47 cents: the base rate rises from € 38.31 to € 38.69. Including VAT, the new price is EUR 47.59.

Transport and tolls

Monthly public transport passes in Lisbon will continue to cost between € 30 and € 40 per month depending on conditions, but transport tickets from the operators and services of Transportes Metropolitanos de Lisboa are expected to rise 0.57%. In addition to transport, fares will rise. Brice announced that 28 of the 93 toll rates applied to class 1 will be increased, and justifies the increase on inflation. The main long-distance routes with price increases: A2 between Lisbon and Algarve with an additional 0.35 euros, A1 between Lisbon and Porto with an additional 0.20 euros and the A6 between Marateca and Caia, also with an additional 0.20 euros. In addition, Via Verde is also making changes: there are modalities that will no longer be available and an option for tolls only will be created, which means that prices will change as well. In this case, for those who want to pay only for travel, you will pay an additional 49 cents per month (with an electronic invoice) or 5.75 euros per year (if you cannot do without a paper invoice). For additional services, you will need to subscribe to Via Verde Mobilidade, which allows you to pay for car parks, but from April 1st it will cost 99 cents per month or 11.65 euros per year (in the case of e-invoices).

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The cost of living. Lisbon falls in the table and behind Madrid and Barcelona



The cost of living.  Lisbon falls in the table and behind Madrid and Barcelona

The spread of telecommuting and flexible work, the war in Ukraine, currency fluctuations and widespread inflation are having a significant impact on employee pay, which could have serious implications for companies in the global battle for talent. Conclusion from the Cost of Living 2022 study launched by a consulting company Mercer, which estimates the cost of living in 227 world cities for expatriates based on a pooled analysis of the comparative cost of more than 200 items in each location, including housing, transportation, food, clothing, home and entertainment. Leadership again belongs to Hong Kong. Zurich (2nd), Geneva (3rd), Basel (4th) and Bern (5th) round out the top five most expensive places in the world for expats.

Thiago Borges, business leader at Mercer Portugal, said: “The volatility caused by COVID-19 and exacerbated by the crisis in Ukraine has added to global economic and political uncertainty. This uncertainty, which goes hand in hand with significant increases in inflation in much of the world, worries expatriates about their purchasing power and socioeconomic stability.”

Foreigners paid using the origin approach usually receive a living wage allowance to maintain their purchasing power in destination countries. This subsidy is calculated by applying a cost-of-living index to a portion of workers’ net wages (their “disposable income”, i.e. the amount they spend on goods and services used daily in their place of residence).

Both inflation and exchange rate fluctuations directly affect the purchasing power of workers working outside their country of origin. The rise of remote and flexible work has also forced many employees to rethink their priorities, work-life balance and where they live. These conditions could have serious implications for companies that need to rethink their mobility strategy to stand a chance in the global battle for talent. On the other hand, this situation also provides cities with an opportunity to attract foreign investment.

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“For organizations, the financial well-being of employees is a key factor in their ability to attract and retain the best talent, and with reliable and accurate data, organizations can define clear strategies for structuring their employee mobility packages. International players in unstable times”. , added Thiago Borges.

He adds: “Working and economic conditions around the world are evolving faster than ever before. Companies must carefully navigate international contract costs/packages during times of uncertainty and adapt to the new world of work to ensure business sustainability and a sustainable future for their expatriates. “, also noting that “companies need market intelligence and clear strategies to put into practice expatriate mobility packages that are competitive in uncertain times while ensuring the financial well-being of their employees, as well as business efficiency, transparency and fairness,” it said. Marta Diaz, Head of Compensation at Mercer Portugal, holds key talent,” he added.

Mercer cost-of-living data helps organizations understand the importance of tracking currency fluctuations and assessing inflationary and deflationary pressures on goods, services and housing across regions of operation. The data also helps define and maintain compensation packages for employees in international operations. In addition, the cost of living in a location can have a significant impact on its attractiveness as a place for talent and influence the decision of organizations to choose a location to expand and transform their geographic footprint.

TOP 10 most expensive

Mercer’s Cost of Living 2022 study places Copenhagen (Denmark) 11th in the world rankings, London (UK, 15th), Vienna (Austria, 21st) and Amsterdam (Netherlands, 25th) , as well as other well-known cities in Western Europe, in addition to the aforementioned Swiss cities of Zurich, Geneva, Basel and Bern.

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The most expensive city in Eastern Europe is Prague (Czech Republic), which ranks 60th out of 227 cities. It is followed by Riga (Latvia, 79th), Bratislava (Slovakia, 105th) and Tallinn (Estonia, 140th). The cheapest city in Eastern Europe is Sarajevo, Bosnia and Herzegovina, ranked 209th.

In turn, Lisbon, which has dropped 26 positions in the ranking, is now below the middle of the table of European cities, yielding to cities such as Madrid or Barcelona.

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Tech sell-off throws Wall Street to the ground – Bolsa



Wall Street is drowning in recession fear.  S&P 500 at 14-month low - Stock Exchange

Major stocks across the Atlantic closed in negative territory and technology pulled Wall Street into the red. The report, which showed Americans more pessimistic about the outlook for the economy, didn’t help.

The Dow Jones industrial index fell 1.56% to 30,946.99 points, while the Standard & Poor’s 500 fell 2.01% to 3,821.55 points.

For its part, the Nasdaq Composite Technology Index fell 2.98% to 11,181.54. Despite this, it was the downfalls of giants like Amazon and Tesla that mostly took place.

Operators have taken another “reality shower” following a disturbing consumer confidence report, Bloomberg reports. The barometer of consumer expectations for economic development, reflecting a six-month forecast, fell to almost a decade’s low, discouraging investors.

The data comes at a time when analysts are still optimistic about corporate earnings in the quarter that is about to end, as record net profits are forecast for the S&P 500 group of companies.

However, the bleak economic outlook pushed Wall Street’s major indexes into negative territory after gaining about 1%.

The quarterly recovery in asset portfolios also caused volatility in Tuesday’s session.

For strategists at Goldman Sachs, earnings forecasts for companies this quarter are overly optimistic, which the bank says puts stocks at risk of further losses as Wall Street analysts cut their estimates.

Max Kettner, strategist at HSBC, also believes that stocks are not yet reflecting the impact of a potential recession and corporate results expectations are likely to be revised down.

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Pedro Braz Teixeira. “We are facing the first decarbonization energy crisis”



Pedro Braz Teixeira. "Estamos perante a primeira crise energética da descarbonização"

Faced with soaring energy prices, Pedro Braz Teixeira believes the best solution, instead of limiting imports, is for the EU to impose a tax on Russian imports, while “we continued to import the same amount of oil, but Russia got half of what he gets today” .

The new energy challenges were one of the topics of the debate organized by the Competitiveness Forum, moderated by Luis Mira Amaral. Jorge Mendonça y Costa, Executive Director of the Portuguese Association of Large Industrial Electricity Users, Ricardo Nunez, President of the Energy Traders Association, Pedro Sampaio Nunez, Former Secretary of State for Science and Innovation, and Pedro Neves Ferreira, Managing Director of Energy from EDP as speakers .

We are facing new energy challenges, but we are already seeing skyrocketing prices, especially with regard to fuel prices…

There is an important structure: we are facing the first energy crisis of decarbonization, which makes it especially difficult because it is an energy crisis in which we are trying to change the consumption pattern of the type of energy very quickly and perhaps we are trying to change too quickly. While everyone agrees on the need for decarbonization, the pace at which it is being planned does not seem very compatible with the technologies currently available because renewables have not gained much weight in recent decades and we are still very dependent on away from fossil fuels and wants a very fast transition. Even 2050 seems a little unrealistic.

And we’re already paying…

This energy crisis that we are experiencing began last spring, when there were a number of factors in the energy market that dictated these changes. The recovery of the economy along with the energy transition eventually made this worse, and for years we’ve been talking about decarburization, and it’s holding back investment in ancient fossil energy sources. I’m not going to explore new wells if I already know that I can’t sell them later.

So that led to a lot. This lack of planning results in us not having new energy because it takes a long time and we also don’t have old energy because we say the old has no future and therefore there is no investment in the old. . And at the same time, there is not enough energy on both sides, and when there is not enough energy, the price rises.

And now stakes like nuclear power and coal are back on the table…

The desire to go too fast repels us, but we cannot forget the problem of war. In fact, not only war, but also sanctions, because sanctions punish more than war. I am sincerely concerned about the sanctions. In this sixth round of sanctions, the EU wants to cut oil imports to Russia by 90% by the end of the year.

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And this is not enough time.

This is a huge amount of energy, and reaching this goal by the end of the year is unrealistic. It is very likely that we will have, especially with the approach of winter – when more energy is spent in Europe, namely for heating – a new increase in energy prices. By the way, this week we have new data and Russia is already cutting off gas supplies to Europe, which makes it clear that Europe will not be able to replenish its strategic gas reserves to weather the winter.

What I think will be on the table is that Russia is planning to take Europe to start the winter with a rope at its throat, with no reserves and no wiggle room, because it’s “plate won, plate worn out.” and Russia can cut off the gas supply at any time.

No plan B?

Oil and coal are two commodities that are easy to transport from one place to another. Of course, this is not the most practical solution, but we could import coal from Australia because it is physically possible. Now there is no gas, we need pipelines and liquefied gas, unlike oil, where no infrastructure needs to be built.

António Costa Silva has already proposed Sines as an alternative to gas.

Yes, but then there is no pipeline connection beyond the Pyrenees. This is a project that makes sense in the medium term but does not have an immediate response. I’m afraid that this winter we will have another surge in energy prices, then new pressure to raise interest rates, and soon we will have an economic slowdown. In fact, this week the chairman of the US Federal Reserve warned that there are factors beyond his control and that we could be in for inflationary surprises. Inflation is out of control and I see a very clear risk.

Is that why the Competitiveness Forum was more pessimistic than the government in terms of economic forecasts?

Because we are very concerned about the new increase in inflation.

Are we in danger of facing another crisis?

I would single out two aspects: on the one hand, the pandemic has brought an extraordinary innovation from the EU, in which they have finally managed to create a European responsibility, unlike what happened during the whole euro crisis, when they do not want to talk about it. And with the pandemic, European bonds were issued and this completely blocked path opened up. And if it was opened to help fight the pandemic, then it could also be opened to solve other European problems. Here we have a big advantage. In addition, we must be alert and be able to act very quickly. The euro crisis began in 2009 with the Greek elections, during which they revealed the whole financial situation, in which, after all, the Greek deficit was three or four times what they announced.

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What happened? Greece fell in May 2010, followed by Ireland and Portugal. It wasn’t until July 2012, after three rescues from three countries, that Mario Draghi started talking about the problem. Now the ECB got together, determined what the rate hike would be, and 10 days later the markets went crazy, leading the ECB to an emergency meeting and showing it was preparing a mechanism to be announced in July to prevent fragmentation. debt market, that is, to help Italy’s debt. Therefore, only after the announcement of this, the markets calmed down. This means that they are very attentive.

But, as a rule, exchanges react to problems in advance.

In the case of the markets, everything follows the American stock market. And the American stock market entered the so-called bear market, that is, where the bear hibernates and becomes negative. And when the market drops 20% from the previous high, that means you will enter a bear market, which is usually a very negative outlook. The US stock market, having infected everyone else, is negative about the outlook for the US economy, although here we must recall what Nobel laureate Paul Samuelson said: Stock markets have predicted nine of the last five recessions. .

Even now, BdP is forecasting growth of 6.3% this year and inflation of up to 5.9%. But after that, Mario Centeno said that he could not rule out the risk of a financial crisis…

Risk must be faced even as a risk, that is, it is not a certainty. Of course, it was possible to finally reach a peace agreement in Ukraine, but there is a risk that the situation will worsen. And when we talk about the financial crisis, it has more to do with the increase in interest rates in the eurozone, and Portugal will inevitably suffer, and with it there may be unrest. But I’m not so worried about the financial crisis, I’m more concerned about the energy issue, because the EU is stuck in this system of wanting to cut Russian imports by 90% by the end of the year.

Sanctions should hurt those who are subject to sanctions, not those who apply them. What is happening is that it will hurt us, and oil prices before the war were $60, and now $120, so Russia sells less, but sells twice as much. In other words, no more bills. There was a proposal that the EU, instead of restricting imports, introduce a tax on Russian imports. It so happened that we continued to import the same amount of oil, but Russia received half of what it receives today.

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Was it some kind of emergency tax?

It was a tax on oil exports. For example, Russia sells to India at a 25% discount, it’s like a tax. In other words, he sells to others at huge discounts.

This increase in energy costs is putting a burden on companies…

If this extraordinary tax were introduced, it would represent an extraordinary income for the entire treasury of all European countries. And at the same time, the margin for helping companies and families will be much larger. We see the opposite: we are paying with oil, half of which was state income.

And in the face of this increase in costs for companies, how do you feel about António Costa’s call for a 20% increase in wages for private workers?

This is an increase over five years and I divide this 20% over all the years it is not so significant, and in this year 2022 with inflation at such a level that 20% is the accumulated inflation over all these years.

The Competitiveness Forum was one of the first organizations to transition to the Recovery and Sustainability Plan payment deferral. How do you feel about Antonio Costa’s statements that “skepticism must be overcome”?

Portugal has been receiving European funds since 1981, so we have been receiving European funds for 41 years and we have had a stagnant economy for 20 years. I think it’s fair to think that we’re misusing European funds. And for at least 20 years we misused European funds, because when we received European funds, we had an obligation to move closer to Europe and not lose ground.

Over the past 20 years, we have misused European funds, and I apologize for this history of misuse of European funds and for the fact that PRR does not have a strategy based on economic growth, and therefore skeptical about the possibilities of PRR.

This is in line with what he was already defending when he said that “in recent decades everything has gone wrong in economic policy”…

It is not normal to use European funds. Portugal, even without European funds, was obliged to move closer to the European Union, because we are in a privileged space, we have the same currency, we have the same rules and we have the example of other countries. And even without European funds, we must move closer to Europe, and even with European funds we cannot do this.

Is income always the same regardless of the government?


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