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Financial News: Portugal Inflation Eases Slightly; Retail Sales Decline

Portugal Inflation Eases Slightly; Retail Sales Decline

12/30/2022 - 09:31:00 (RTTNews)

(RTTNews) - Portugal's consumer price inflation eased marginally in December amid a slowdown in the price growth of energy, while retail sales fell for the first time since February last year, separate reports from Statistics Portugal showed on Friday.

Consumer price inflation eased to 9.6 percent in December from 9.9 percent in November, a preliminary estimate showed.

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

On a monthly basis, consumer prices dropped 0.3 percent in December, reversing a 0.3 percent rise in the previous month.

EU harmonized inflation also slowed to 9.8 percent from 10.2 percent in November.

Detailed figures will be published by the statistical office on January 11.

Separate data showed that retail trade turnover fell 1.2 percent yearly in November, in contrast to a 0.5 percent increase a month earlier. This was the first negative growth since February 2021.

The downward movement was largely contributed by a 4.5 percent fall in sales of food products. Meanwhile, there was a 1.3 percent increase in non-food product sales.

Monthly, retail sales rose at a faster pace of 1.7 percent in November, following a 0.4 percent rise in October.

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