According to the economic surveys released today by the National Institute of Statistics (INE), the consumer confidence indicator "decreased in the last two months, registering a significant reduction in March, to the lowest value since December 2023, mainly as a result of the significant negative contributions of perspectives on the future evolution of the country's economic situation and the financial situation of the household."

According to these surveys, opinions on the past evolution of the household's financial situation and expectations about the future evolution of major purchases by families also contributed negatively to this indicator, albeit slightly.

IBGE also analyses the balance of consumer perspectives on the future evolution of the country's economic situation, which decreased in the last two months, "significantly in March, reaching the lowest value since January 2023."

"The balance of expectations regarding the future evolution of prices has increased in the last three months, registering on 2 March the largest increase in the series and the highest value since March 2022," notes the statistics office.

The economic climate indicator, based on company surveys, decreased in March to a value close to that observed a year ago, after rising slightly the previous month.

Confidence decreased in commerce, construction, and public works, but increased in services and manufacturing.

In the manufacturing industry, the indicator increased in the last two months, slightly in March, "reflecting the positive contribution of assessments regarding inventories of finished products and opinions on the evolution of global demand," explains the INE.

Meanwhile, business expectations for future sales prices rose, amid forecasts of inflationary acceleration driven by the conflict in the Middle East, particularly oil prices.