Statistics Portugal (INE) has confirmed today that the year-on-year inflation rate decreased to 4.0% in May, 1.7 percentage points lower than in April. In a statement, INE confirmed the inflation rate figure first announced on May 31, and said deceleration is partly explained by the base effect resulting from the increase in electricity, gas and food prices that occurred in May 2022. “The VAT exemption on a some essential foodstuffs also contributed to the deceleration recorded in May, with an estimated impact on total CPI variation of around 0.8 percentage points,” said the statement.
September 28, 2023 Edition
PORTUGAL RESIDENT
Printed Edition
