Portugal: Harmonized inflation falls to lowest level since May 2022 in January
Harmonized inflation eased to 8.6% in January from December’s 9.8%. January’s figure marked the lowest inflation rate since May 2022. The reading was driven by moderating price pressures for transportation and housing and utilities. Moreover, prices for recreation grew at a more subdued pace.
The trend pointed up, with annual average harmonized inflation coming in at 8.5% in January (December: 8.1%). Meanwhile, consumer price inflation fell to 8.4% in January, from December’s 9.6%.
Lastly, harmonized consumer prices dropped 0.79% in January over the previous month, after December’s 0.39% fall. January’s result marked the weakest reading since July 2020.