Financial News: Portugal Producer Price Inflation At 21-Month Low

Portugal Producer Price Inflation At 21-Month Low

03/16/2023 - 10:18:00 (RTTNews)

(RTTNews) - Portugal's producer price inflation eased further in February to the lowest level in more than one-and-a-half years, largely led by a slowdown in the price growth of intermediate goods, figures from Statistics Portugal showed on Thursday.

The producer price index climbed 8.8 percent year-on-year in February, slower than the 10.4 percent rise in the previous month.

Further, the latest inflation was the slowest since May 2021, when prices had risen 7.8 percent.

The annual price growth in intermediate goods eased to 9.2 percent in February from 11.8 percent in January. Energy prices also grew at a slower rate of 3.3 percent versus a 4.1 percent gain a month ago.

Excluding the energy group, producer price inflation moderated to 10.5 percent from 12.2 percent.

On a monthly basis, producer prices moved up 1.2 percent in February, after a 0.1 percent slight increase in January. This was the biggest monthly increase in eight months.

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