Inflation rate in Portugal increases again in the month of May.
It's official: the inflation rate in Portugal increased to 3.1% in May. Understand all the variations, next.
Inflation in Portugal increases to 3.1% in May
The inflation rate in Portugal, in the month of May, increased again compared to April. The increase was of 0.9 percentage points (p.p.), now reaching 3.1%.
As can be read on Notícias ao Minuto, the National Institute of Statistics (INE) reveals that "this acceleration is essentially the result of the base effect associated with the monthly price reduction recorded in May 2023 (-0.7%), following the VAT exemption on a set of food products, and, to a lesser extent, the acceleration of hotel prices".
In addition, the indicator of core inflation (total index excluding unprocessed food and energy products) had a variation of 2.7%, compared to 2.0% in April.
The variation of the index relating to energy products was recorded at 7.8%, a decrease of 0.1 percentage points compared to the previous month, and the index for non-transformed food products increased to 2.5%, with zero variation in April.
Afterwards, the monthly variation of the Consumer Price Index (CPI) was 0.2%, compared to 0.5% in the previous month and -0.7% in the same period last year. As for the average variation over the last twelve months, it was 2.6% - the same as in April.
"The Portuguese Harmonized Index of Consumer Prices (HICP) presented a year-on-year variation of 3.8%, a value 1.5 p.p. higher than the previous month and 1.2 p.p. higher than the estimate by Eurostat for the Euro area (in April, the rate in Portugal had been lower than the Euro area by 0.1 p.p.). Excluding unprocessed food and energy products, the HICP in Portugal reached a year-on-year variation of 3.6% in May (2.1% in April), higher than the corresponding rate for the Euro area (estimated at 2.9%)", as stated in the news.
The monthly IHPC registered a monthly variation of 1.0%, a lower value than the previous month (1.1% in April and -0.4% in May 2023), as well as an average variation over the last 12 months of 3.3% (3.5% in the previous month).
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