Lisbon, July 10, 2024 (Lusa) - Portugal's year-on-year rate of consumer price inflation slowed to 2.8% in June, 0.3 percentage points less than in May, the National Statistics Institute (INE) confirmed on Wednesday.
"In June 2024, the annual inflation rate was 2.8% (3.1% in May 2024)," the INE said in a statement. "When rounded to one decimal place, this figure coincides with the value provided in the flash estimate, which was released on June 28th."
The statement adds that the annual rate of core inflation, which excludes energy and unprocessed food products was 2.4% (down from 2.7% in May), while the rate of change of the energy aggregate was 9.4% (up from 7.8% in the previous month) and unprocessed food recorded an annual rate of 1.8% (down from 2.5% in May).
In month-on-month terms, the CPI showed no change in June, following rises of 0.2% the previous month and 0.3% in June of 2023.
The average change over the last 12 months was also confirmed at 2.5%, equivalent to a drop of 0.1 of a point compared to the average over the 12 months prior to May. Excluding unprocessed food and energy products, the 12-month average rate of change was 3.0%.
The Portuguese Harmonised Index of Consumer Prices (HICP) - calculated to make inflation trends in European Union states more comparable - recorded a year-on-year change of 3.1%, in line with the estimate at the end of June. This figure was 0.7 of a point lower than in May, but 0.6 higher than Eurostat's estimate for the euro zone (while in May the rate in Portugal had been 1.2 higher than in the euro zone).
This was "due to a decrease in hotel prices, for which the increase recorded in May was essentially due a major cultural event in Lisbon," the INE explained.
Excluding unprocessed food and energy products, Portugal's HICP was 2.7% in June, down from 3.6% in May and below the corresponding rate for the euro zone, which is estimated at 2.8%.
In June, the HICP was down 0.3% on the month (after having risen 1.0% in the previous month and 0.4% in June 2023) and with an average 3.2% rise over the last 12 months (down from 3.3% in May).
OJ/ARO // ARO.
Lusa
