Consumption Outlook. First Half 2014

• Private consumption is undoubtedly recovering, particularly durable goods. • Increased expenditure is due to better fundamentals, more financing, less uncertainty and temporary stimuli, such as the PIVE programme (incentives to buy energy-efficient cars). • Substituting nationally-produced products for imported goods, as a result of changing preferences, accounts for 60% of the fall in consumption imports during the crisis. • Households with lower incomes are bearing higher inflation because their consumption is concentrated on products whose prices are more rigid to the downside.

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