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Financial News: Portugal Inflation Accelerates As Estimated

Portugal Inflation Accelerates As Estimated

07/12/2022 - 06:40:00 (RTTNews)

(RTTNews) - Portugal's consumer price inflation rose further in June to reach its highest level in twenty-nine-and-a-half years, as initially estimated, latest data from Statistics Portugal showed on Tuesday.

Consumer price inflation climbed to 8.7 percent in June from 8.0 percent in May. That was in line with flash data published on June 30.

Moreover, the latest inflation rate was the strongest since December 1992, the statistical office said.

The core CPI, which excludes energy and unprocessed food products components, climbed 6.0 percent yearly in June, faster than the 5.6 percent increase in the previous month.

Prices for energy products grew 31.7 percent annually in June, the fastest increase since August 1984, and prices for unprocessed food gained 11.9 percent. The data matched the previous one.

The overall inflation in June was largely driven by increased costs for food and nonalcoholic beverages and transport.

Compared to the previous month, consumer prices went up 0.8 percent in June, after a 1.0 percent growth in May. The latest figures confirmed the flash data.

The EU measure of harmonized index of consumer prices, or HICP, rose to a record high of 9.0 percent annually in June, following an 8.1 percent increase in the prior month, as estimated.

Monthly, the HICP grew 1.1 percent in June, slightly above the 1.1 percent rise in May.

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