Food inflation running at 14%
The year-on-year change in Portugal’s Consumer Price Index (CPI) in April slowed to 5.7%, down 1.7 percentage points on the previous month, decelerating for the sixth consecutive month, National Statistics Institute INE said today, thus confirming its previous flash estimate.
“Rounded to one decimal place, this rate coincides with the value of the flash estimate released on 28 April,” said a statement by the institute.
April’s annual inflation rate is the lowest since March 2022, when it stood at 5.3%.
According to INE, “this deceleration is partly explained by the base effect resulting from the increase in prices of electricity, gas and food products that occurred in April 2022.”
Will inflation continue to decelerate? That is the big question. According to analysts, the drought “could become a problem in the next few months” – and could, conceivably, muddy the economic waters, while ‘food inflation’ is still an entity of its own and running at around 14%.
