2024.01.1111:33:00UTC+00Portugal Inflation Unrevised At 30-Month Low

Portugal's consumer price inflation eased to the lowest level in two-and-a-half years, as initially estimated in December, the latest data from Statistics Portugal showed on Thursday.

Consumer price inflation moderated slightly to 1.4 percent in December from 1.5 percent in the previous month. That was in line with the flash data published earlier.

Further, this was the weakest inflation rate since June 2021, when prices had risen only 0.51 percent.

The core inflation rate, which excludes energy and unprocessed food products, also softened to 2.6 percent in December from 2.9 percent in November.

The largest downward contribution to the overall annual rate of change came from a 6.14 decline in the prices of housing, water, electricity, gas, and other fuels, the agency said.

On a monthly basis, consumer prices dropped 0.4 percent from October, when they dropped by 0.3 percent, as estimated.

EU-harmonized inflation slowed to 1.9 percent from 2.2 percent in the prior month.

The overall inflation was 4.3 percent in 2023, down from 7.8 percent in 2022. HICP inflation also slowed to 5.3 percent from 8.1 percent.