Portugal’s June inflation figures down to 3.4% – INE

Preliminary data to be confirmed/ rectified in 12 days time

Preliminary data released by statistics institute INE today suggests inflation in Portugal is already down to 3.4%. 

This represents the 8th consecutive fall since inflation hit a high last October, representing a 0.6% fall since May (when the figure stood at 4%).

The data,  known as the ‘year-on-year rate change of the Consumer Price Index’, “continues to be partly explained by the base effect, resulting from the increase in fuel prices in June 2022”, explains INE, which will only confirm (or rectify) the figures on July 12.

Underlying inflation (meaning, the total index excluding unprocessed food and energy products) should have registered a variation of 5.2% in the month under review (5.4% in the previous month), says the institute.

INE adds that the change in the energy products index “decreased to -18.8% (-15.5% in the previous month)” while the unprocessed foodstuffs index “should have decelerated to 8.5% (8.9% in May).

This would translate into an average variation rate in the last 12 months of 7.8% (against 8.2% in year ending in May).

As to the Harmonized Index of Consumer Prices (HICP), this will have registered a year-on-year change of 4.7% in June, compared to 5.4% in May, say reports.

Anyone confused by all these percentages and indexes, the main takeaway is that inflation is slowly coming down…

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