Inflation jumps to 7.2% in April, the highest in 29 years
The inflation rate in Portugal accelerated to 7.2% in April, the highest since March 1993 and an increase of 1.9 percentage points compared to March.
Portugal’s inflation rate accelerated to 7.2% in April, the highest since March 1993 and an increase of 1.9 percentage points compared to March, according to the flash estimate from the National Statistics Institute (INE). This figure is influenced by energy and unprocessed food products.
The data shows that the core inflation index, which excludes energy and unprocessed food products components, continued to accelerate in April, from an annual rate of change of 3.8% in March to 5% in April, the highest since September 1995.
The annual rate of change of the index for energy products is estimated to be 26.7%, the “the highest value since May 1985”, according to INE. Meanwhile, the estimated rate for unprocessed food is 9.5% (5.8% in March).
Compared to March, the CPI monthly rate “is estimated to be 2.2% (2.5% in March and 0.4% in April 2021), while the CPI 12-month average rate was estimated to be 2.8% (2.2% in the previous month),” the statistics office said this Friday.
The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 7.4% (5.5% in the previous month).
The final results will be released to the public on May 11 2022.
