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Portugal Inflation May 2023

Portugal: Harmonized inflation falls to lowest level since February 2022 in May

Harmonized inflation came in at 5.4% in May, which was down from April’s 6.9%. May’s result represented the lowest inflation rate since February 2022. The result was driven by moderating price pressures for food and non-alcoholic beverages, housing and utilities, transportation and recreation.

Accordingly, annual average harmonized inflation edged down to 8.8% in May (April: 9.0%). Meanwhile, consumer price inflation fell to 4.0% in May, from April’s 5.7%.

Lastly, harmonized consumer prices dropped 0.40% in May over the previous month, swinging from the 1.29% increase recorded in April. May’s result marked the lowest reading since January.

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