Inflation falls 0.6 percentage points to 3.4% in June
This deceleration "continues to be partly explained by the base effect, resulting from the increase in fuel prices seen in June 2022", says the Portuguese statistical institute.
The year-on-year rate of change of the Consumer Price Index (CPI) fell to 3.4% in June, down 0.6 percentage points compared with May, according to a flash estimate released today by Statistics Portugal (INE).
According to INE, “based on the information obtained, the year-on-year rate of change of the Consumer Price Index (CPI) fell to 3.4% in June, down 0.6 percentage points (p.p.) from the previous month.
The statistical institute added that this deceleration “continues to be partly explained by the base effect, resulting from the increase in fuel prices seen in June 2022”.
The underlying inflation indicator (total index excluding unprocessed foodstuffs and energy) registered a variation of 5.2% in the month under review (5.4% in the previous month).
The INE pointed out that the change in the index for energy products “decreased to -18.8% (-15.5% in the previous month)” and that the index for unprocessed food products “slowed to 8.5% (8.9% in May)”.
The INE added that the average variation rate over the last 12 months was 7.8% (versus 8.2% for the year ended in May).
The Portuguese Harmonised Index of Consumer Prices (HICP) is expected to have registered a year-on-year change of 4.7% in June, compared to 5.4% in the previous month.
INE noted that the final CPI figures for June 2023 will be published on 12 July.
