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HomeEconomyInflation in January...

Inflation in January fell to 8.3%

The annual rate of change for the consumer price index (CPI) fell to 8.3% in January from 9.6% in December, according to a quick estimate released on Tuesday by the National Institute of Statistics (INE).

According to INE, “Based on information already collected, the annual rate of change in the Consumer Price Index (CPI) will decline for the third consecutive month to 8.3% in January 2023, a 1.3 percentage point (ppt) downturn. compared to the previous month.

As for the core inflation indicator (the total index excluding unprocessed food and energy), it registered a fluctuation of 7.0% in January (7.3% in the previous month).

According to INE, the main contributor to the slowdown in the CPI was the energy products index, “the corresponding annual rate of change is also estimated to have declined for the third consecutive time to 6.8%. “, against 20.8% in the previous month, indicating a decrease in electricity prices.

In contrast, the index related to unprocessed foods “accelerated to 18.5%” from 17.6% in December.

In January, compared to the previous month, the change in the CPI was -0.9% (-0.3% in December and 0.3% in January 2022).

INE estimates the average change over the last 12 months was 8.2% (7.8% in the previous month).

If this quick INE estimate is confirmed – the final data relating to IPC for January will be released on February 10 – it will be the fourth fall in inflation in a year and a half after August, November and December registered the only decrease in the annual change in the CPI since June 2021.

In October, the inflation rate of 10.1% was the highest since May 1992.

As for the Harmonized Index of Consumer Prices of Portugal (HICP), in the reporting month it recorded an annualized change of 8.6% compared to 9.8% in the previous month.

Author: Portuguese
Source: CM Jornal

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