According to the commission's interim macroeconomic forecasts, the Harmonised Index of Consumer Prices (HICP) in Portugal is expected to rise from 0.9% last year to 6.8% in 2022.
The European Commission has revised upwards by 2.4 percentage points its forecats for Portugal’s annual consumer inflation this year, to 6.8%, although that is still below the 7.6% rate forecast for the euro zone as a whole, according to its latest forecasts, released on Thursday.
According to the commission’s interim macroeconomic forecasts, the Harmonised Index of Consumer Prices (HICP) in Portugal is expected to rise from 0.9% last year to 6.8% this, before slowing to 3.6% next year.
In May, the commission forecast inflation in Portugal to accelerate to 4.4% in 2022, before falling back to 1.9% in 2023.
Its latest forecast exceeds that of the government, which projects an inflation rate of 4.0% for this year.
The commission also revised upwards its inflation forecast for the euro zone and the European Union as a whole, expecting historic highs in 2022, of 7.6% in the euro zone and 8.3% in the EU. These are seen slowing next year, to 4.0% and 4.6% respectively.