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Financial News: Portugal Inflation Eases Slightly To 9.6% As Estimated

Portugal Inflation Eases Slightly To 9.6% As Estimated

01/11/2023 - 07:32:00 (RTTNews)

(RTTNews) - Portugal's consumer price inflation eased marginally as initially estimated in December amid a slowdown in the price growth of energy, separate reports from Statistics Portugal showed on Wednesday.

The Consumer price index rose 9.6 percent year-over-year in December, slower than the 9.9 percent in November. That was in line with flash data published on December 30.

However, core inflation that excludes energy and unprocessed food products rose marginally to 7.3 percent in December from 7.2 percent in the prior month. This was the highest since December 1993.

The annual price growth in energy eased to 20.8 percent in December from 24.7 percent in the prior month. 

The largest upward contribution to the overall annual rate of change came from changes in the prices of food and non-alcoholic beverages, housing, water, electricity, gas and other fuels, furnishings, household equipment, and routine maintenance of the house, restaurants and hotels, and transports, the agency said.

On a monthly basis, consumer prices dropped 0.3 percent in December, reversing a 0.3 percent rise in the previous month. The preliminary estimate was confirmed.

EU harmonised inflation also slowed to 9.8 percent in December from 10.2 percent in the preceding month. Monthly, the HICP fell 0.1 percent versus a flat change in November 

During the year 2022, the overall change in consumer prices was 7.8 percent, significantly higher than the previous year's 1.3 percent increase. Further, this was the highest rate since 1992.

Excluding energy and unprocessed food, the average rate of change was 5.6 percent in 2022 against only a 0.8 percent rise in 2021.

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