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Portugal Inflation October 2023

Portugal: Harmonized inflation falls to lowest level since December 2021 in October

Harmonized inflation dropped to 3.2% in October from September’s 4.8%. October’s result represented the weakest inflation rate since December 2021. The decline was broad-based, with lower price pressures recorded for food and non-alcoholic beverages, transportation, and housing and utilities. Moreover, prices for recreation grew at a more subdued pace.

Accordingly, the trend pointed down, with annual average harmonized inflation coming in at 6.6% in October (September: 7.2%). Meanwhile, consumer price inflation fell to 2.1% in October, from the previous month’s 3.6%.

Finally, harmonized consumer prices dropped 0.44% in October over the previous month, contrasting September’s 0.78% rise. October’s result marked the weakest reading since January.

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