The annual inflation rate in Portugal dropped to 4% in May 2023, marking the lowest level since January 2022, from 5.7% recorded in April, preliminary estimates showed. Also, it is half of the 8% rate observed in May of the previous year. The decline can be attributed to a base effect resulting from the high prices of electricity, natural gas, and food last year, as well as the VAT exemption on a range of essential food items starting from Q2 2023. Energy prices declined 15.5% (vs -12.7% in April) and cost for unprocessed food products slowed to 8.9% (vs 14.1%). Core inflation rate which excludes prices for energy and food, fell to 5.5% from 6.6% in April. Compared to the previous month, the CPI fell 0.7%, the biggest drop since July 2020. source: Statistics Portugal

Inflation Rate in Portugal averaged 8.15 percent from 1961 until 2023, reaching an all time high of 53.90 percent in May of 1977 and a record low of -1.60 percent in June of 2009. This page provides - Portugal Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Portugal Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.

Inflation Rate in Portugal is expected to be 5.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.

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Portugal Inflation Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-05-11 10:00 AM Inflation Rate YoY Final Apr 5.7% 7.4% 5.7%
2023-05-31 10:00 AM Inflation Rate YoY Prel May 4% 5.7% 5.2%
2023-06-14 10:00 AM Inflation Rate YoY Final May 5.7% 4.0%


Related Last Previous Unit Reference
Inflation Rate 4.00 5.70 percent May 2023
Inflation Rate MoM -0.70 0.60 percent May 2023
Consumer Price Index CPI 118.94 118.27 points Apr 2023
Harmonised Consumer Prices 119.75 118.22 points Apr 2023
Core Inflation Rate 5.45 6.55 percent May 2023
Core Consumer Prices 117.20 116.00 points Apr 2023
Producer Prices Change -0.90 0.20 percent Apr 2023
Producer Prices 127.60 129.10 points Apr 2023
Food Inflation 15.41 19.57 percent Apr 2023
CPI Transportation 114.44 112.59 points Apr 2023
CPI Housing Utilities 120.22 122.55 points Apr 2023
GDP Deflator 7.30 4.80 percent Dec 2022

Portugal Inflation Rate
In Portugal, the inflation rate measures a broad rise or fall in prices that consumers pay for a standard basket of goods. The most important categories in Portuguese Consumer Price Index are: Food & Non-alcoholic Beverages (21% of the total weight), Transport (14%), Miscellaneous Goods & Services (10%) and Housing, Water, Electricity, Gas & Other Fuels (10%). Restaurant & Hotels account for 9%, Recreation & Culture for 7%, and Clothing & Footwear for 7%. The index also includes: Health (6%), and Furnishings, Household Equipment & Routine Maintenance of the House (6%). Alcoholic Beverages & Tobacco, Communication and Education account for remaining 9%.
Actual Previous Highest Lowest Dates Unit Frequency
4.00 5.70 53.90 -1.60 1961 - 2023 percent Monthly
2012=100

News Stream
Portugal Inflation Rate Falls Sharply to 4%
The annual inflation rate in Portugal dropped to 4% in May 2023, marking the lowest level since January 2022, from 5.7% recorded in April, preliminary estimates showed. Also, it is half of the 8% rate observed in May of the previous year. The decline can be attributed to a base effect resulting from the high prices of electricity, natural gas, and food last year, as well as the VAT exemption on a range of essential food items starting from Q2 2023. Energy prices declined 15.5% (vs -12.7% in April) and cost for unprocessed food products slowed to 8.9% (vs 14.1%). Core inflation rate which excludes prices for energy and food, fell to 5.5% from 6.6% in April. Compared to the previous month, the CPI fell 0.7%, the biggest drop since July 2020.
2023-05-31
Portugal Inflation Rate Slows to 5.7%
The annual inflation rate in Portugal was confirmed at 5.7% in April of 2023, the lowest since March of 2022, compared to 7.4% in the previous month, helped by a big base effect from last year. Prices slowed for food and non-alcoholic beverages (15.4% vs 19.6%), housing and utilities (0% vs 6.7%), and fell further for transport (-1.6% vs -0.9%). The core rate also eased to 6.6% from 7%. Compared to the previous month, the CPI rose 0.6%, following a 1.7% jump in March. However, the effect of the VAT reduction to 0% for a basket of essential food products was not reflected in the April figure yet.
2023-05-11
Portugal Inflation Rate Seen at Over 1-Year Low in April
The annual inflation rate in Portugal likely eased for a sixth month to 5.7% in April 2023, compared to 7.4% in the prior month, preliminary estimates showed. It would be the lowest reading since March 2022, mainly reflecting the base effect related to the price increases in electricity, gas and food products, recorded in April 2022. The core inflation index, which excludes energy and unprocessed food products components was 6.6% year-on-year in April, compared to 7% in the previous month. The EU-harmonized index rose by 6.9% year-on-year in April, down from 8% in the previous month. On a monthly basis, consumer prices are expected to increase by 0.6% in April, slowing from a 1.7% rise in March, which was the steepest in 11 months.
2023-04-28