Source: Pexels Author: Redaction Trips to the supermarket are becoming increasingly difficult for families, who are feeling the weight of inflation in their household budgets. Food is no exception, with a rise in prices, and it is now more expensive to bring a basket of food than it was a year ago. Now, bringing a shopping trolley of essential goods costs £222.16, £38.53 more than before the war in Ukraine. Dairy products are on the list of foods whose value has risen most, in percentage terms, with milk, cheese, yoghurts and butter costing, on average, €3.34 more than last year. Meat and fish are also on this list, with the latter registering a 21.80% increase. Groceries went up by 19.64%, followed by fruit and vegetables, with an increase of 19.30%. More news on Inflation drops to 8.3% in January , Minimum wage in Portugal still below average
Source: Pexels Author: Redaction Electricity consumption grew by 4.1% in January compared to the same period the previous year, which is slightly reduced to 3.7% with the correction of the effects of temperature and number of working days, according to information sent in a communiqué to SUPERCASA Notícias by REN . With favourable weather conditions for renewable technologies, high productivity indices were recorded , particularly for hydro with 1.53 (historical average equal to 1), but also for photovoltaic with 1.18, and wind with 1.02. Renewable generation supplied 88% of consumption (including the export balance), particularly hydroelectric power with 51%, followed by wind power with 28%, biomass with 5% and photovoltaic with 4%. As a result of the conditions verified, but also of the increase in the installed renewable power in the various technologies, new historic highs were reached this month in the instantaneous values injected into the grid, both in hydro and photovoltaic generation, which already reaches daily peaks in the order of 1400 MW. In the case of hydroelectric generation, the highest monthly value ever was even recorded. Non-renewable generation, through natural gas power stations, supplied the remaining 12% of consumption (including the export balance). The balance of trade with other countries, exports, was equivalent to about 4% of national consumption. Still in the same statement to which SUPERCASA Notícias had access, it is possible to state that in the natural gas market, consumption registered a year-on-year contraction of 30%, mainly due to the behaviour of the electricity generation segment, which fell by 64%. This decrease will have resulted from the high availability of renewable energy , contrary to what had happened in the same period of the previous year. In the conventional segment, the consumption reduction trend registered throughout the previous year was maintained, although in a less accentuated manner, with a year-on-year contraction of 2.1%. More news on Sustainability in: The Oitavos reinforces its commitment to sustainability , Portuguese investors combine profitability with sustainable investment
Source: Pexels Author: Redaction The statistical office of the European Union, Eurostat , released data showing inequalities regarding the average minimum wage in European Union countries , with emphasis on Portugal, which, in the last 10 years, was the seventh country where there was the smallest increase in the national minimum wage. Statistics show that the national minimum wage, expressed in purchasing power parity (PPP), has increased by 7.8% in the last 12 months. Thus, it rose from €916 in January last year to €987.5 in the same period this year, considering holiday and Christmas subsidies. Compared to other European Union countries, the national minimum wage rose 12.7%, 1.6 percentage points more than in Portugal. But this is a slight increase, which has been going on for the last decade. In 2013, it was in 11th position of the countries where minimum wage increases in PPP were highest. It currently ranks 13th in this category, and is the eighth country to record the lowest increase in minimum wages in PPP over the past five years. More Eurozone news on Euro zone recession forecast to ease
Source: Pexels Author: Redaction For the third month in a row, inflation fell to 8.3% in January , 1.3 percentage points lower than in the previous month. This is an estimate from the National Statistics Institute (INE), which indicates a slowdown in the consumer price index (CPI) to 8.3 percent, in relation to the same period of the previous year. The INE indicates: based on the information already collected, the year-on-year rate of change of the CPI will have fallen for the third consecutive month, to 8.3% in January 2023, a rate 1.3 percentage points lower than in the previous month. This decrease is justified by the drop in energy prices, which recorded a year-on-year change of 20.8% in December. Unprocessed food products, however, were up, with a year-on-year change of 17.6% in December and 18.4% in January. As for the Harmonised Index of Consumer Prices (HICP), it fell to 8.6% compared to January of last year, representing a decrease compared to December.
Source: Pexels Author: Redaction The Eurozone remains under severe economic pressure, with a recession set to occur in 2023 after a difficult year. However, this scenario is beginning to change course and a climate of optimism is emerging, based on economic forecasts and data from politicians and economists. There was mitigation of the impact of the war in Ukraine, which, despite triggering an energy crisis, a warmer winter allowed some resilience from industries. The fall in energy prices was another benefit, in addition to the replacement of gas by other energy sources that allowed Europeans to reduce their consumption of gas and electricity. What helps the Euro Zone, mainly, has been the decrease in gas prices, since they reduce the pressure on consumers, who will have less to pay in their monthly bills, as well as allowing demand to recover. Overall, the global economy may experience a sharp slowdown during 2023 , even if it comes with high levels of inflation, something that has already been anticipated by the United Nations. Read more at Home Credit can help reduce IRS , Tourism VAT in the Azores with possible imbalances
Source: Pexels Author: Redaction The easing of unprocessed food and energy prices is one of the reasons for the decline in the Eurozones inflation rate, which in December 2022 stood at 9.2%. This is the second consecutive decline reported by Eurostat, which confirmed a fall from 11.1% to 10.4% in the last month of the year in the European Union. The lowest inflation rates were recorded in Spain, with a rate of 5.5%, followed by Luxembourg and France. In contrast, Hungary was the country with the highest year-on-year inflation rate, reaching 25%, followed by Latvia and Lithuania. There have been accelerations in the eurozone inflation rate since 2021 as a result of energy price hikes, and it was not until November 2022 that the first pullback was recorded. Read more in Weekly Euribor review or VAT cuts: variations in application
Source: The Oitavos Author: Redaction The 5-star hotel The Oitavos , located in Cascais, wants to be at the forefront of sustainability and, with an eye on the future, has once again reinforced that bet with an upgrade in the charging infrastructure for electric vehicles, being currently the only hotel unit in Portugal that simultaneously supports up to 30 vehicles, as announced in a press release to SUPERCASA Notícias . Besides, it installed another 614 photovoltaic panels, counting now with a total of 1 500 panels, responsible for the production of 30% of the annual energy consumed by the hotel unit. The reinforcement of the infrastructures involved an investment of 600,000 euros. In 2022, the hotel invested in an infrastructure dedicated to electric mobility. The hotel, located in the Sintra-Cascais Natural Park, is currently the only one in Portugal to be able to provide up to 374 kw (600A) simultaneously, using energy from the national grid. This infrastructure has the capacity to charge up to 30 cars (EV) simultaneously. We highlight the fact that it can receive 28 chargers of up to 22Kw and 2 chargers of up to 150Kw (super-fast). Since 1921, when we bought Quinta da Marinha, my family has intended to develop a sustainable project in its different aspects. As far back as 1927, my great-grandfather Carlos Champalimaud called Quinta da Marinha a Garden City, where they planned and executed the plantation of an extensive pine forest, the stabilisation of the Guincho dune system and the management of local water resources. We intend to continue this legacy and whenever possible reinforce our commitment to safeguard the environment , says Miguel Champalimaud, General Manager of The Oitavos. Besides the measures already listed, the 5-star hotel has a sustainability strategy applied to all areas. Among them, the following stand out The systems for pre-heating the hot sanitary water (DHW) and for heating the water in the swimming pools (both salt water extracted from the Atlantic) by taking advantage of the heat produced by the chillers/air conditioning. The use, whenever possible, of objects made of reusable and recyclable materials. At the gastronomic level, the choice of seasonal, local, sustainable and non-industrial products. The choice, in the hotel surroundings, of areas with natural vegetation that are neither watered nor treated. The golf course maintenance practices, with respect for the local fauna and flora, also earned Oitavos Dunes Links Golf the Gold Signature Sanctuary certification when it opened 21 years ago. It was the first golf course in Europe, and the second in the world, to earn the distinction from the prestigious Audubon International organisation. The Oitavos Dunes Links Golf makes a careful management of irrigation water, using probes to monitor the water in the soil and adjustments to the irrigation appropriations in the different areas of the course. The predominant grass species (94%) is Bermuda 419, a warm-seasonal grass with low water requirements. Deficient irrigation is practiced, assuming a field with a less luxurious green in favour of a more natural appearance integrated with the surrounding natural areas. Want to read more about Sustainability? See Cold: 6 Tips to Save Energy or Sustainable and Environmentally Friendly Architecture
Source: Pexels Author: Redaction The International Labour Organization (ILO) carried out the World Employment and Social Outlook: Trends 2023 , a study in which it concludes that, due to the current global economic slowdown, it is estimated that more workers will be forced to accept low-quality and poorly paid jobs that lack job security and social protection. As a consequence of this phenomenon, an accentuation of inequalities is then expected, something that has already been occurring in the context of the Covid-19 pandemic. The ILO estimates a decrease in the global growth of employment, something that, compared to previous forecasts, translates into a 1% deceleration compared to 2022, where the deceleration was 2.3%, and therefore a slight increase in unemployment is estimated for the year 2023. Global unemployment is estimated at 5.8%, justified by the scarce labour supply in developed countries. Despite these figures, global unemployment may remain 16 million above the benchmark set in 2019, in a pre-crisis context, and the ILO states that job quality remains a key concern [...] Many workers will have to accept lower quality jobs, often at very low wages, sometimes with insufficient hours. All of this may well push many people into poverty, with prices soaring in line with low incomes, something the ILO highlights as a trend that is in addition to the significant falls in incomes seen during the covid-19 crisis, which in many countries affected low-wage groups the most , and it is mainly women and young people, according to this report, who are significantly worse off in labour markets . You can read more current affairs in SUPERCASA Notícias or in VAT tax reduction: variations in application
Source: Pexels Author: Redaction The filing of the annual Personal Income Tax Return (IRS) starts on the 1st of April, however, there are some steps that you should not miss. There are still some important steps to be taken until the filing of this declaration, which can be fundamental in the calculation of the tax to be collected, and therefore we leave you here a practical guide so that you dont forget or get lost in the process: UNTIL THE 15TH OF FEBRUARY You must insert, in the Portal das Finanças, the data related to your family unit. This update should be done if there have been changes in your family composition, such as the birth of dependents, divorces, marriages, changes in parental agreements, deaths or changes in permanent residence, and these data should refer to your household situation until 31 December 2022. If you do not carry out these updates, the tax authorities will take into account the composition of the household that appears on the previous years tax return, something that may not benefit you if there are, for example, new dependents, as the deduction of their expenses will not be counted. If you are a landlord, it is also until the 15th of February that you must communicate to the Customs and Tax Authority the duration of the rental contracts of which you are a party, so that you can benefit from the reduction of the IRS rate on rental income. UNTIL 25TH FEBRUARY You must validate, on the Portal das Finanças, your invoices. After updating your household, you have ten days to validate your invoices. In order to prove the expenses made throughout 2022, you must insert and/or validate your invoices with NIF. In this case, validate the invoices that are pending and register those that have not been reported by the entity that issued them. It is important that you confirm this step, since it is through these invoices that the AT calculates the deductions to the taxable amount, through health, education, rent or general family expenses, and the VAT deduction through expenses with workshops, transport passes, hairdressers or restaurants. BETWEEN THE 16TH AND 31ST OF MARCH You can consult the amount of deductible expenses and claim the omission of invoices or the calculations made by the Tax and Customs Authority. The 31st of March is also the last day to communicate to the AT the entity to which you want to consign a part of your IRS. This indication can be made when filing the annual tax return, but only for those who file it through the normal channels and not through the automatic IRS. BETWEEN 1ST APRIL AND 30TH JUNE You must file your IRS declaration (or confirm the automatic declaration). Keep these dates in mind and dont leave anything behind. Follow more tips in SUPERCASA Notícias
Source: Pexels Author: Redaction Since 1 January the VAT reduction measure came into force, applied to certain food items such as tinned food and plant-based foods. However, there are still flaws in the application, and not all supermarkets have made the changes, keeping the rates out of date. In some cases, the decrease in the VAT rate from 23% to 6% was expected, but these were one-off changes, reaching only a niche of consumers. Thus, the imbalances remain, with many of the supermarkets still not applying the rate reduction, which, according to José Maria Freitas, president of the National Association of Canned Fish Manufacturers, should be immediate. However, and already more than ten days after the implementation of this measure, there are still retailers in non-compliance. José Maria Freitas states: in some cases yes [it is visible on the shelves], in others no. That is why we are making an effort. Hence the effort we are making so that this movement is reflected in the decrease of the price to the consumer. I cannot name specific chains, but some have already reflected this [decrease] of VAT on products and others have not. Read more at: Supply of houses to rent is increasingly smaller , Hiring with moderate but positive projection in 2023
Source: Pexels Author: Redaction Selectra , a company specializing in light and gas, has prepared a list of tips, sent in a statement to the editorial staff of SUPERCASA Notícias , since, according to the Portuguese Institute of Sea and Atmosphere (IPMA) , Portugal will be hit by a mass of cold air already in the coming days. This means that we will have to say goodbye to the mild temperatures that have been accompanying us and start looking at strategies to deal with the coming cold weather. None of this is obviously cause for alarm, as the low temperatures are more than typical for this time, were January and February not the coldest months of the year. Even so, these severe days can have a big impact on consumers energy bills. Therefore, we leave you with some tips to save a lot of money at the end of the month: 1. Check the condition of your heaters Regardless of whether you have a gas or electric radiator, it is essential to ensure that they work 100% to avoid surprises in your energy bills. So, if you have a water radiator, dont forget to bleed it from time to time. Clean off any dust that accumulates, avoid putting clothes on top of them or blocking the air vents. 2. Keep your home at the right temperature Considering that Portugal is considered the 4th worst country in the European Union in terms of thermal insulation and that 20% of the Portuguese admit that they cannot heat their homes, the idea of turning on the radiator at full power is often tempting for consumers who look for various ways to deal with the cold that is felt inside their homes. Even so, it is important to bear in mind that any temperature chosen above 20°C can increase the energy bill by around 7%, so it is best to save this option for when it is really necessary. 3. Pay attention to air leaks Whats the point of spending money on heating your house if the heat ends up disappearing seconds later? That is, to maintain a constant temperature inside the house, it is necessary that there are no air leaks, so you should invest in effective sources of insulation, such as double glazing, for example. In case you dont have that opportunity yet, try putting stickers on doors and windows to reduce the entry of air. 4. Lower the water temperature on your water heater Its true that a hot bath on a winters day is one of the most relaxing parts of the day, but that doesnt mean that the water should be scalding hot, because its not the most beneficial option for your skin. So, check the temperature you have set on the heater and if its 40°C, try reducing it a little to see how you feel. 5. Optimise the use of the oven There are few things that taste as good as a roast on a very cold day, however, it should be noted that the oven is one of the most energy-consuming appliances, consuming about 2 kWh per hour of cooking. Even so, if you really want to enjoy a home-cooked meal during these days, there are little tricks that contribute to more efficient energy consumption, such as: 1) Cook several dishes simultaneously, so as not to lose the residual heat generated; 2) Turn off the oven 20 minutes before the dish is completely finished; 3) Do not open the oven while the food is being prepared, as about 20% of the heat is lost. 6. Review your energy contract Finally, review the clauses in your electricity and gas contract, find out about current market prices and consider whether your current supplier really offers the best conditions, taking into account your consumption profile. If you happen to work outside the home all day and only use the space at night, theres no doubt that its best to keep the heaters turned off while youre away. But if, on the other hand, you are only away from home for 30 minutes, its OK to keep them on during that time. Still, the best strategy to make a conscious use of energy is to install thermostats at home, since you can program them remotely and set the times at which they should be kept on or off, thus avoiding wasting energy. Read more tips in SUPERCASA Notícias or in Tips to combat rising mortgage rates
Source: Pexels Author: Redaction Compared to 2021, when the average annual inflation rate was 1.3%, the Consumer Price Index (CPI) recorded a substantial increase in 2022, standing at 7.8%. This Wednesday, January 11, the National Statistics Institute (INE) released data showing that, in December 2022, the year-on-year variation slowed to 9.6%, in line with the forecasts made by INE at the end of that same month. According to INE, the annual average variation rate had not reached such a high value since 1992 , justifying this increase in the variation of the CPI, between 2021 and 2022, with the behaviour of underlying inflation (...), and the acceleration of the prices of unprocessed foodstuffs and energy products, which registered average annual variations of 12.2% and 23.7%, respectively (0.6% and 7.3% in 2021). The prices of food products increased by 10.2% compared to 2021, in addition to the average variation in the prices of services - 4.3% throughout 2022 compared to 0.6% in the same year, which translates into higher average annual growth in the prices of goods than those of services. Read more current affairs in Raw materials values slows rise
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