The annual inflation rate slowed to 2.8% in June, 0.3 percentage points (pp) less than the previous month, the National Statistics Institute (INE) confirmed today.
“The year-on-year deviation of the IPC was 2.8% in June 2024, 0.3 percentage points lower than the figure recorded in the previous month. Rounded to one decimal place, this figure is the same as the value of the flash assessment published on June 28,” INE said in a statement released today.
The core inflation indicator (the total index excluding unprocessed food products and energy) was revised upward in June by 0.1 percentage points, to 2.4%, against 2.7% in May.
In June, the change in the energy index was confirmed at 9.4%, compared to 7.8% the month before.
The raw food index slowed to 1.8% (2.5% in May), revised down from the 2.0% forecast at the end of June.
On a monthly basis, the IPC index showed zero change after rising 0.2% in May and 0.3% a year earlier.
The average change over the past 12 months was also confirmed at 2.5%, equivalent to a decrease of 0.1 percentage points compared to the average for the 12 months to May.
Excluding unprocessed food and energy, the average 12-month change was 3.0%, while the monthly change was -0.2%, compared with 3.3% and 0.3% in May, respectively.
As for the Portuguese Harmonized Index of Consumer Prices (HIPC), it registered a year-on-year deviation of 3.1%, in line with the end-June estimates. This value was 0.7 percentage points lower than that recorded in May, but 0.6 percentage points higher than the Eurostat estimate for the eurozone (in May, Portugal’s figure was 1.2 percentage points higher than the eurozone’s).
“This slowdown is largely due to the decline in hotel prices, the acceleration of which, recorded in May, was essentially linked to the cultural event of significant proportions that took place in Lisbon,” explains INE.
Excluding unprocessed food and energy, Portugal’s HICP was 2.7% in June, down from 3.6% in May and below the eurozone’s 2.8%.
In June, the HIPC recorded a monthly change of -0.3% (1.0% in the previous month and 0.4% in June 2023), and the average change over the past 12 months was 3.2% (3.3% in the previous month).
Author: Lusa
Source: CM Jornal
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