All analysis from category Macro comment
Macro comment
Inflation in November: inflation on a downward trajectory
Consumer prices rose by 0.1% m/m in November. Year-on-year consumer price growth slowed to 7.3% from 8.5% in October. However, had it not been for the austerity tariff, which reduced the price level on a one-off basis last year and thus lowered the comparative base for this year, annual growth would have been 4.7% in November.
Macro comment
Unemployment in November: slight drop in vacancies again
The share of unemployed in the 15-64 population stagnated at 3.5% in November, the same level as in November 2022. 263 000 jobseekers were registered at the labour offices, 3 000 more than in October. Seasonally adjusted, we estimate that the jobless rate was flat at 3.7%.
Macro comment
Industry in October: decline in new orders continues
Industrial production showed growth again in October after four months.
Macro comment
Retail sales October: last year-on-year decline this year?
Retail sales fell by 1.4% year on year in October, adjusted for the effect of working days. They rose by 0.6% month-on-month. The year-on-year decline was driven by a 2.7% fall in food sales. Non-food sales fell by 1.0%, while fuel sales rose by 0.8%.
Macro comment
Wages in Q3: Tax for high inflation
For two years now, the real value of wages has been falling. And it shows in the state of the economy. Inflation has taken a very heavy toll. In Q3, average wages rose by 7.1 per cent year-on-year, but after accounting for inflation, they fell by 0.8 per cent in real terms.
