The annual consumer price index (CPI) declined to 4.0% in May, down 1.7 percentage points (pp) from April. The information was confirmed on Wednesday by the National Institute of Statistics (INE).
The INE statement explained that the slowdown reflects “the base effect of the increase in electricity, gas and food prices recorded in May 2022 and the VAT exemption of certain staple foods.”
The core inflation index, which excludes energy and food products, also fell from 6.6% to 5.5%.
The annual rate of change in energy prices fell to -15.5%, down 2.8 p.p. less than last month.
As for the share of unprocessed foodstuffs, there has been an even greater decline. This month it amounted to 8.9%, down 5.2 percentage points.
“Excluding energy and unprocessed food products, Portugal’s harmonized consumer price index was 7.3% in May (8.2% in April), which is higher than the corresponding indicator for the eurozone (estimated at 6.9%).
Author: morning Post
Source: CM Jornal
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