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Portugal Inflation March 2023

Portugal: Harmonized inflation declines to lowest level since April 2022 in March

Harmonized inflation came in at 8.0% in March, which was down from February’s 8.6%. March’s reading marked the lowest inflation rate since April 2022. Looking at the details of the release, prices for food and non-alcoholic beverages rose at a softer pace in March, while prices for transportation dropped after growing in the previous month.

Annual average harmonized inflation ticked up to 9.1% in March (February: 8.9%). Meanwhile, consumer price inflation fell to 7.4% in March, from the previous month’s 8.2%.

Lastly, harmonized consumer prices rose 2.01% over the previous month in March, accelerating from February’s 0.39% rise. March’s uptick was the highest reading since April 2022.

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