This is a slight decrease compared to the value recorded in November. Last year, average annual inflation reached its highest value in the past 30 years, after nearly halving in 2023.
The national inflation rate reached 1.4% in December, after reaching 1.5% in November. Overall for this year, inflation in Portugal was 4.3%.
This is the first estimate from the National Institute of Statistics for December and overall inflation data for this year. The final data will be known in early January.
We must remember that in 2022, Portugal ended the year with an inflation rate of 7.8%, the highest value in the last 30 years. Since then, due to higher interest rates by the European Central Bank, inflation has fallen to its current value.
The National Institute of Statistics highlights that “the main contribution to this slowdown comes from the behavior of food prices, which will decline by 0.6% compared to the previous month.”
Core inflation, which excludes energy and food products, was 2.6% in December, down from 2.9% recorded in the previous month. “The variation in the energy products index was -10.5%, and the unprocessed food products index slowed to 2%,” the Census Bureau reported.
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