Financial News: Portugal Inflation Unrevised At 2-Year Low

Portugal Inflation Unrevised At 2-Year Low

11/13/2023 - 08:39:00 (RTTNews)

(RTTNews) - Portugal's consumer price inflation eased as initially estimated in October, the latest data from Statistics Portugal showed on Monday.

Consumer price inflation moderated to 2.1 percent in October from 3.6 percent in the previous month. That was in line with the flash data published on October 31.

Further, this was the weakest inflation rate since October 2021, when prices had risen only 1.83 percent.

The core inflation rate, which excludes energy and unprocessed food products, also moderated to 3.5 percent in October from 4.1 percent in September.

Energy prices decreased at a faster rate of 12.1 percent annually in October versus a 4.1 percent decrease in the prior month.

The largest downward contribution to the overall annual rate of change came from changes in the prices of housing, water, electricity, gas, and other fuels, the agency said.

On a monthly basis, consumer prices dropped 0.2 percent from September, when they increased by 1.1 percent, as estimated.

EU harmonised inflation slowed to 3.2 percent from 4.8 percent in the prior month.

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