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Financial News: Portugal Inflation Highest Since December 1992

Portugal Inflation Highest Since December 1992

06/30/2022 - 10:17:00 (RTTNews)

(RTTNews) - Portugal's consumer price inflation accelerated further in June to reach its highest level in twenty-nine-and-a-half years, flash data from Statistics Portugal showed on Thursday.

The consumer price index rose 8.7 percent yearly in June, following an 8.0 percent increase in May.

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. Core inflation was the highest since May 1994.

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.

On a monthly basis, consumer prices went up 0.8 percent in June, after a 1.0 percent growth in the previous month.

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

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

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