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Financial News: Portugal Inflation Accelerates As Estimated

Portugal Inflation Accelerates As Estimated

06/14/2022 - 08:56:00 (RTTNews)

(RTTNews) - Portugal's consumer price inflation accelerated further as initially estimated in May, final figures from Statistics Portugal showed on Tuesday.

The consumer price index rose 8.0 percent year-over-year in May, following a 7.2 percent increase in April. This was almost in line with the 8.02 percent increase seen in the flash estimate released on May 31.

Moreover, the latest inflation was the strongest since February 1993.

The core CPI, which excludes energy and unprocessed food products components, rose 5.6 percent yearly in May, following a 5.0 percent increase in the previous month, which was revised up moderately from 4.96 percent. Core inflation was at its highest since October 1994.

Prices for energy products grew 27.3 percent annually in May, the fastest increase since February 1985, and prices for unprocessed food gained 11.6 percent.

Compared to the previous month, consumer prices rose 1.0 percent in May, after a 2.2 percent growth in the previous month. The figures match flash data.

The EU measure of the harmonized index of consumer prices, or HICP, rose 8.1 percent annually in May, following a 7.4 percent gain in the prior month. That was in line with the initial estimate.

On a month-on-month basis, the HICP rose 1.0 percent in May, after a 2.4 percent growth in the preceding month, as estimated.

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