The National Institute of Statistics’ (INE) first estimate for February inflation points to a decline to 2.1%, according to information published this Thursday. This decrease is 0.2 percentage points compared to January, as was also calculated by the statistical agency.
According to INE’s forecast, all categories contributed to the year-on-year change, with a focus on energy products, but there was a slowdown compared with the first month of the year.
In January, inflation stood at 2.3%, helped by rising energy prices, especially electricity, which always rise at the beginning of each year. On the other hand, more than four dozen food products again paid VAT, which generally resulted in an increase in food prices.
From the end of zero VAT until Wednesday, the basket of essential goods rose by €6.11, according to Deco Proteste analysis. Among the products that increased in price the most compared to the previous zero VAT day were kilograms of horse mackerel, which rose in price by 20%, that is, by 88 cents, and vegetable oil, which rose in price by 16%.
The final consumer price index (CPI) data for February 2024 will be published on March 12.
Remember that the IPC measures the temporal evolution of prices for a set of goods and services that reflect the consumption expenditure patterns of the population living in Portugal. As INE itself explains, it is not an indicator of the price level, but rather an indicator that measures the corresponding change.
Author: Raquel Oliveira
Source: CM Jornal
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