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Portugal Inflation June 2023

Portugal: Harmonized inflation drops to lowest level since February 2022 in June

Harmonized inflation eased to 4.7% in June from May’s 5.4%. June’s result marked the weakest inflation rate since February 2022. Looking at the details of the release, prices for food and non-alcoholic beverages increased at a weaker pace in June while prices for transportation declined at a quicker pace. Meanwhile, housing and utilities prices declined at a more pronounced pace.

In addition, the trend pointed down, with annual average harmonized inflation coming in at 8.4% in June (May: 8.8%). Meanwhile, consumer price inflation fell to 3.4% in June, from May’s 4.0%.

Finally, harmonized consumer prices rose 0.44% in June over the previous month, swinging from the 0.40% drop recorded in May.

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