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Lusa - Business News - Portugal: State measures to fight inflation insufficient, slow - businesses




Lisbon, Aug. 5, 2022 (Lusa) – The Confederation of Portuguese Business (CIP) on Friday questioned the "insufficiency" of measures taken to combat inflation, particularly in energy prices, and promised to present a "more complete" set of proposals in this area in September.
In a letter sent to members, CIP president António Saraiva said the organisation has "questioned the insufficiency of the measures taken so far, as well as the delay with which they have reached the ground".
"We proposed more robust, more comprehensive and more adequate measures," he assured, highlighting that "in addition, and given that there is awareness that not all sectors of the economy suffer these problems to the same extent, CIP will dedicate its next assignment with ISCTE's FutureCast-Lab to inflation in Portuguese companies."
Thus, in September CIP will be "in a position to present a more complete set of measures to manage the increase in production and operating costs," it indicated, in a statement released today.
"When so much is said about sustainability and resilience, Portugal has to be able to find a way not to lose competitiveness, so that Portuguese companies not only subsist, but invest and employ more and more," he said.
"What six months ago some questioned as a transitory phenomenon is today confirmed as an unexpected reality: inflation," wrote the president of the CIP, recalling that "according to the most recent data from INE (the country's national statistics institute), the inflation rate will have reached 9.1 percent in July.
"We are facing the highest inflation rate in recent decades. Following some supply constraints arising from the pandemic and with the resumption of activity in several sectors the prices of raw materials have risen significantly and the impacts of the war in Ukraine are being felt at the most diverse levels," he warned.
According to António Saraiva, "the increases in fuel, including natural gas, and electricity are those with the greatest impact on company costs", and "in several sectors of activity this brutal increase in energy makes production unviable, as it is impossible to pass on the new costs to prices".
On the other hand, he said, "the macroeconomic measures to control inflation have the direct effect of increasing interest rates, which is particularly hard on Portuguese businesses that, as is known, are highly dependent on borrowed capital, which was made even more difficult by the recession period of 2020/21.
According to the leader of the organisation, CIP "has been following, with concern, developments regarding inflation and has raised with the government the need to safeguard the operation of companies subject to this shock, particularly in terms of the price of electricity and gas.
"We are well aware of what is being done in several other countries and how the competitiveness of companies is being defended and this is essential for the maintenance of the business fabric," he stressed.

ALYN/AYLS // AYLS
Lusa


Agency : LUSA

Date : 2022-08-06 10:06:53







 

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