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Portugal Inflation January 2024

Portugal: Harmonized inflation comes in at three-month high in January

Harmonized inflation increased to 2.5% in January from December’s 1.9%. While January’s figure was the highest inflation rate since October 2023, it came in below the Euro area average of 2.8%. The reading was primarily driven by quicker increases in prices for food and non-alcoholic beverages amid the removal of tax exemptions. In addition, price pressures for housing and utilities rebounded and hit a 10-month high in January.

Annual average harmonized inflation fell to 4.8% in January (December: 5.3%). Meanwhile, consumer price inflation rose to 2.3% in January, from the previous month’s 1.4%.

Lastly, harmonized consumer prices dropped 0.17% over the previous month in January, a less pronounced drop than December’s 0.70% fall and below the Euro area average of minus 0.40%.

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