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Financial News: Portugal Inflation Highest Since February 1993

Portugal Inflation Highest Since February 1993

05/31/2022 - 06:15:00 (RTTNews)

(RTTNews) - Portugal's consumer price inflation increased further to reach its highest level since February 1993, preliminary data from Statistics Portugal showed on Tuesday.

The consumer price index rose 8.02 percent yearly in May, following a 7.20 percent increase in April.

The core CPI, which excludes energy and unprocessed food products components, rose 5.6 percent yearly in May, following a 4.96 percent increase in the previous month. Core inflation was the highest since October 1994.

Prices for energy products grew 27.2 percent annually in May, the fastest increase since February 1985, and prices for unprocessed food gained 11.7 percent.

On a monthly basis, consumer prices rose 1.0 percent in May, after a 2.2 percent growth in the previous month.

The EU measure of harmonized index of consumer price, or HICP, rose 8.1 percent annually in May, following a 7.4 percent gain in the prior month.

On a month-on-month basis, the HICP rose 1.0 percent in May, after a 2.4 percent growth in the preceding month.

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