Portugal Inflation Rate Confirmed at 4-Month High in May



Inflation rate in Portugal increased to 1.0 percent year-on-year in May of 2018, matching the preliminary estimate and compared to 0.4 percent in the previous month. It was the highest inflation rate since January, as prices rose faster mainly for transport, restaurants & hotels and housing & utilities.

Year-on-year, prices advanced faster primarily for: transport (3.8 percent vs 0.8 percent in April), namely fuels and lubricants (9.5 percent vs 3.5 percent); restaurants & hotels (2.9 percent vs 0.1 percent), driven by accomodation services (11.6 percent vs -2.9 percent) and housing & utilities (2.0 percent vs 1.6 percent), particularly rents (1.8 percent vs 1.4 percent). 

On the other hand, inflation slowed for food & non-alcoholic beverages (0.7 percent vs 0.9 percent); miscellaneous goods & services (0.3 percent vs 1.0 percent) and was steady for alcoholic beverages & tobacco (2.3 percent); communications (0.4 percent) and education (1.2 percent). Meantime, prices fell for recreation & culture (-0.7 percent vs -0.6 percent); clothing and footwear (-3.3 percent vs -3.7 percent) and furniture & household equipment (-0.9 percent vs -0.4 percent).

Annual core inflation rate, which excludes energy and unprocessed food products, rose to 0.6 percent, matching the preliminary estimate and compared to 0.2 percent in April.

On a monthly basis, consumer prices went up 0.4 percent, as previously estimated, and easing from a 0.7 percent increase in April.

The harmonized consumer price index increased by 1.4 percent year-on-year (0.3 percent in April) and by 0.8 percent month-over-month (1.0 percent in April).

Portugal Inflation Rate Confirmed at 4-Month High in May


INE | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
6/12/2018 10:44:45 AM