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Financial News: Portugal Inflation Highest Since May 1992

Portugal Inflation Highest Since May 1992

11/11/2022 - 07:39:00 (RTTNews)

(RTTNews) - Portugal's consumer price inflation accelerated less than estimated in October, though it remained at the strongest level in more than thirty years, final data from Statistics Portugal showed on Friday.

Consumer price inflation rose to 10.1 percent in October from 9.3 percent in September. The latest figure was revised down marginally from 10.2 percent reported initially on October 28.

This was the highest inflation since May 1992, when prices had grown 10.3 percent.

The upward trend in inflation was largely driven by changes in the prices of food and non-alcoholic beverages, utilities, transport, and restaurants and hotels.

Core inflation that excludes energy and unprocessed food products climbed to 7.1 percent from 6.9 percent in the prior month.

On a monthly basis, consumer prices increased at a stable rate of 1.2 percent in October.

EU harmonized inflation advanced to 10.6 percent from 9.8 percent a month ago. In the flash report, the growth rate was 10.7 percent.

Monthly, the harmonized index moved up 1.1 percent after a 1.3 percent gain.

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