inflation falls to 9% in August

The consumer price inflation in Portugal declined from 9.1% in July to 9% in August, announced INE this Wednesday.

The consumer price inflation in Portugal decreased to 9% in August, Statistics Portugal (INE) announced in a statement released this Wednesday.

In July, the year-on-year rate of change in the Consumer Price Index (CPI) was 9.1%.

“The annual rate of change of the index for energy products is estimated to be 24.0% (7.2 p.p. lower than in the previous month), ” the statistics office said. August was marked by a drop in fuel prices compared to recent months, while the Iberian mechanism that helped contain electricity prices came into effect.

In turn, unprocessed food prices rose further this month, rising from 13.2% to 15.4%.

The core inflation index, which excludes energy and unprocessed food products components, rose to 6.5% (6.2% in the previous month), the highest since March 1994.

The Portuguese Harmonised Index of Consumer Prices (HICP) remained at 9.4% this month, above the Eurozone average (9.1%).