INE revises low November inflation to 1.5%

The annual inflation rate fell to 1.5% in November, down 0.6 percentage points from October, the National Institute of Statistics (INE) said on Thursday.

Rounded to one decimal place, the annual rate of change in the consumer price index (IPC) published by INE this Thursday is 0.1 percentage point lower than the quick estimate published on November 30.

According to the statistics institute, “the main contribution to this slowdown is the base effect associated with the monthly increase in food prices recorded last month (0.4%), which was lower than in November 2022 (1.7%). “.

The core inflation rate (total index excluding unprocessed food and energy) for the reporting month recorded a change of 2.9% against 3.5% in October.

The variation in the energy products index decreased to -12.4% (-12.1% in the previous month), and the unprocessed food index slowed to 3.5% (from 4.0% in October).

In November, the monthly change in the CPI was -0.3% versus -0.2% in October and 0.3% in November 2022, while the average change for the 12 months ending in November fell to 5.0% versus 5. 7% in October.

Portugal’s Harmonized Index of Consumer Prices (HIPC) showed an annualized deviation of 2.2%, 1.0 percentage points lower than recorded in the previous month and 0.2 percentage points lower than the value estimated by Eurostat for the zone Euro. (in October, this figure in Portugal was higher than in the eurozone by 0.3 percentage points).

Excluding unprocessed food and energy, Portugal’s HICP reached an annual deviation of 3.6% in November (4.8% in October), lower than the eurozone equivalent (estimated at 4.2%).

The data published by INE this Thursday also shows that the IHPC recorded a monthly fluctuation of -1.0% (-0.4% in the previous month and 0.0% in November 2022) and an average change over the last 12 months of 5. 9% (6.6%). in the previous month).