Annual inflation in September was 9.3%. announced this Thursday the National Institute of Statistics (INE), thus confirming the data received on September 30 in a rapid assessment. This is the maximum value of this indicator Since 1990 and which reflects an increase of 0.4 percentage points from the 8.9% annual inflation recorded in August.
This Thursday’s data confirms all the figures from two weeks ago and that threaten government forecast for 2022. The average variation over the last 12 months in Portugal is now 6%. The government had forecast that this figure would be at 7.4%, which is a risk target, even if annual inflation stops rising in the last quarter of the year, according to PÚBLICO. already explained.
In the case of Portugal, the change in energy prices even slowed down, as the PUBLIC emphasized, when preliminary data were published, which have now been confirmed. Prices rose by 22.2% (1.8% less than in August). However, other classes of goods continue to put strong pressure on the purchasing power of consumers whose wages are not keeping up with rising inflation in products such as food, clothing and footwear, and household supplies and appliances that are most in demand. the main contribution to the annual change in the consumer price index (IPC).
The most expensive clothes and shoes 23.8%
On a monthly basis, the change in the CPI was 1.2% compared to August, or 1.6% excluding unprocessed food and energy, INE emphasizes. This difference can be explained by the downward trend in fuel prices towards the end of summer.
In the month that marks the reopening of schools after the holidays and the return to work of thousands of families, the class that contributed the most to this monthly change was clothing and footwear, INE specifies, with a 23.8% change. “On the other hand, the class with the largest negative contribution to monthly fluctuations was transport, with a deviation of -1.2%,” he adds.
The dynamics of prices for children’s and baby clothes (+44.6%), women’s clothing (+31.7%) and men’s clothing (+22.7%) also reflected seasonal effects associated with the launch of new autumn-winter collections, admits INE.
In terms of falling prices, international flights (-20.18%) and organized holidays abroad (-18.04%) make the largest negative contribution.
Germans with more expensive energy 43%
In Germany, the statistical office also released final inflation data for September this Thursday, confirming an annual rate of 10%. For Germans, this is the highest figure since the reunification of Federal and East Germany, also 32 years ago.
agency says Are you ready that “the huge rise in energy prices is the main reason for such high inflation.” “However, we are also seeing a rise in the prices of many other products, especially foodstuffs,” emphasizes Georg Thiel, president of the German statistical office.
In September, energy prices in Germany were 43.9% higher than a year ago.
The end of some of the temporary measures Berlin has launched to support families is also already being felt, Thiel warns. In this case, we are talking about the end of the grace period for fuel and a single travel ticket, which expired on August 31.
For three months, Germans could ride public transport for a low fixed price of nine euros per month. This single ticket was valid for all local and regional bus and rail services. The exception was long-distance trains.
“These temporary measures of the second aid package led to a decrease in headline inflation between June and August,” Thiel guarantees.
Sanctions and supply chain issues have created a parallel market in China, where these chips are sold for 500 times the market value.
Chinese customs officials caught a woman trying to smuggle semiconductors inside a prosthetic belly while pretending to be pregnant. This arrest sheds light on the reality of smuggling that has emerged in the world’s second-largest economy following the sanctions imposed by the United States of America.
According to bloomberg, a woman was caught by the authorities while trying to enter Zhuhai via Macau on November 25. According to customs authorities, the suspect had more than 202 processors and nine smartphones.
The woman came to the attention of the authorities when she was asked what month she was pregnant. “She said she was five or six months pregnant but she had a big belly that looked like she was in her third trimester,” Chinese officials explained.
The economic crisis caused by covid-19 and all the problems that have arisen in the supply chain have opened the door to the emergence of a black market in semiconductors in a country that needs these advanced chips to produce millions of products.
The situation has worsened recently as the Joe Biden administration tightened sanctions on China, focusing on developing advanced technologies, especially for military use.
According to the North American economic publication, the situation is so serious that the prices of these devices reach values up to 500 times their market price, which creates ideal conditions for creating an entire parallel market with telecom operators and resellers.
The Ministry of Finance reported that in December there is a decrease in the ISP discount by 3.9 cents per liter of diesel fuel and 2.4 cents per liter of gasoline, taking into account falling prices.
The guardianship statement states that, as announced, “the mechanism applied in the ISP is equivalent to reducing the VAT rate from 23% to 13%, and the compensation mechanism through the ISP reduces additional VAT income as a result of the changes. in fuel prices remain in effect.
Thus, taking into account the evolution of diesel and gasoline prices, “these temporary measures result in a reduction in the ISP rebate of 3.9 cents per liter of diesel fuel and 2.4 cents per liter of gasoline. a discount of 17.1 cents per liter for diesel ISP and 15.4 cents per liter for gasoline ISP,” the same note reads.
On the other hand, “the carbon tax update will be suspended until the end of the year,” and “taking into account all the measures in place, the reduction in the tax burden is 27.3 cents per liter of diesel fuel and 24.7 cents per liter of gasoline. “.
The government’s rebate mechanism assumes that a decrease in the price of fuel results in an increase in the Tax on Petroleum Products (NPT) due to a drop in VAT revenues.
“Measures to mitigate the increase in fuel prices remain in place in the month of December, while the government continues to support all consumers by reducing fuel taxes,” the ministry reminded.
The ISP’s rebate, equivalent to a 13 percent VAT rate cut, was due to run until September 4 but was later extended through the end of the year as part of the government’s family relief package due to price hikes.
Average fuel prices have returned this week to below pre-war levels in Ukraine on Feb. 24, with a 5.1% drop for petrol and 4.1% for diesel calculated by ERSE.
According to the “Weekly Report on the Surveillance of Selling Prices for the Public” published on Monday evening by the Entidade Regladora dos Serviços Energéticos (ERSE), “For the week of 28 to 4 December, the effective pre-tax price is 0.860 euro/l. [euros por litro] for straight petrol 95 and 1067 euro/l for direct diesel”, which after tax is 1660 euro/l and 1685 euro/l for straight petrol 95 and straight diesel, respectively.
These figures are comparable to average prices of 1,816 euros/l for 95 straight-through gasoline and 1,660 euros/l for direct diesel filled on February 24 when the Russians invaded Ukraine, according to the Directorate General of Energy and Geology (DGEG). ).