Annual inflation rate in June confirmed at 3.4%
In June, the month-on-month change in the CPI was 0.3% (-0.7% in the previous month and 0.8% in June 2022), while the average change over the last 12 months was 7.8%, down from 8.2% in May.
The year-on-year inflation rate in Portugal fell to 3.4% in June, 0.6 percentage points lower than in May, Statistics Portugal (INE) confirmed on Wednesday.
The year-on-year rate of change in the Consumer Price Index (CPI) released today by INE coincides, rounded to one decimal place, with the value of the flash estimate released on 30 June.
According to the statistical institute, the deceleration recorded “is partly explained by the base effect resulting from the increase in fuel prices in June 2022”.
In the month under review, the underlying inflation indicator (total index excluding unprocessed food and energy) registered a change of 5.3%, against 5.4% in May.
The change in the energy index decreased to -18.8% (-15.5% in the previous month), and the unprocessed food index decelerated to 8.5% from 8.9% in the previous month.
In June, the month-on-month change in the CPI was 0.3% (-0.7% in the previous month and 0.8% in June 2022), while the average change over the last 12 months was 7.8%, down from 8.2% in May.
The Portuguese Harmonised Index of Consumer Prices (HICP) showed a year-on-year rate of change of 4.7%, 0.7 percentage points lower than in the previous month and 0.8 percentage points lower than the value estimated by Eurostat for the euro area (in May, this difference was 0.7 percentage points).
Excluding unprocessed food and energy, the HICP in Portugal reached a year-on-year rate of change of 6.9% in June (7.3% in May), higher than the corresponding rate for the euro area (estimated at 6.8%).
Data released today by Statistics Portugal also show that the HICP recorded a monthly rate of change of 0.4% (-0.4% in the previous month and 1.1% in June 2022) and an average rate of change of 8.4% in the last 12 months (against 8.8% in the previous month).
