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Portugal Inflation January 2023

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.

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