Consumer confidence plummets in March

Portugal’s consumer confidence “fell abruptly” in March while the economic climate indicator fell moderately after the conflict in Ukraine according to the national statistics institute INE.

“Against the backdrop of (the war in) Ukraine, the consumer confidence indicator fell sharply in March after having increased in the two previous months, suffering the second greatest month-on-month reduction since April 2020 at the start of the pandemic”.
The balance in March regarding consumer expectations of higher prices saw “the greatest increase and exceeded all previous expectations for inflation.
As to the economic climate, the indicator “fell moderately” in March after having reached, in the previous month, the same indicator level observed in February 2020, and after having presented an “erratic behaviour” between July and January”.
In March, confidence indicators fell in the manufacturing and public works construction sectors, but increased in services.