Inflation soars to 8% in May, the highest value since 1993
According to Statistics Portugal (INE), "the Consumer Price Index (CPI) annual rate is estimated to have increased to 8.0% in May (7.2% in April)."
Inflation in Portugal accelerated to 8% in May, according to the flash estimate published by Statistics Portugal (INE) on Tuesday, compared to a rate of 7.2% in April. This is the highest value registered since February 1993.
“The Consumer Price Index (CPI) annual rate is estimated to have increased to 8.0% in May (7.2% in April),” the INE explained. Compared to April, the CPI monthly rate stood at 1%, representing a slowdown in relation to the 2.2% recorded last month.
The core inflation index, which excludes energy and unprocessed food products components, registered a variation of 5.6% (5.0% in the previous month), which is the highest figure since October 1994.
Energy remains the highest index, but food products are already following the trend. “The annual rate of change of the index for energy products is estimated to be 27.2% (26.7% in April 2022), the highest value since February 1985, and the estimated rate for unprocessed food is 11.7% (9.4% in the previous month),” the statistic’s office added.
