Inflation in November speeds up to 2.5% in Portugal and 2.3% in the eurozone.

Inflation rate is rising again, both in Portugal and in the eurozone.

The year-on-year inflation rate in Portugal reached 2.5% in November, an increase of 0.2 percentage points compared to the value recorded in October, according to the flash estimate released by the National Statistics Institute (INE), in Notícias ao Minuto. Source: Notícias ao Minuto.

Based on the available data, the Consumer Price Index (CPI) registered a year-on-year variation of 2.5% in November 2024, surpassing the value of 2.3% observed in the previous month.

The core inflation, which excludes volatile goods like unprocessed food and energy, remained stable at 2.6%, unchanged from October.

Regarding the index related to energy products, there was a significant increase, with a variation of 2.1% in November, contrasting with the -0.2% in October, contributing significantly to the acceleration of the total CPI. On the other hand, the prices of non-processed food products decelerated, dropping from 2.1% in October to 1.9% in November.

On a monthly basis, the CPI recorded a decrease of -0.2% in November, compared to a positive variation of 0.1% in October and a decrease of -0.3% in November 2023. The average variation over the last 12 months was estimated at 2.3%, slightly higher than the 2.2% recorded in the previous month.

The Harmonized Index of Consumer Prices (HICP), used for comparisons between European Union countries, recorded a year-on-year variation of 2.7% in Portugal in November, increasing from 2.6% in October.

Still on Notícias ao Minuto, it can be read that in the Eurozone, the annual inflation rate in the Eurozone rose to 2.3% in November, compared to the 2.0% recorded in October, according to Eurostat estimates.

In November 2023, the year-on-year inflation rate of the euro area was 2.4%, showing a slight decrease compared to the same period this year. The underlying inflation in the euro area, which excludes more volatile components, was 2.8% in November, above the 2.7% in October, but significantly below the 4.2% recorded in the same month of the previous year.

Among the 20 countries in the euro area, Belgium had the highest annual inflation rate in November, at 5.0%, followed by Croatia at 4.0%, and the Netherlands and Estonia, both at 3.8%. Ireland had the lowest inflation rate in the eurozone, at 0.5%, followed by Lithuania and Luxembourg, both at 1.1%, and Italy and Slovenia, both at 1.6%.

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