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.