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Portugal Inflation July 2023

Portugal: Harmonized inflation falls to over one-year low in July

Harmonized inflation eased to 4.3% in July, following June’s 4.7%. July’s reading marked the weakest inflation rate since January 2022. The reading was largely due to a softer increase in prices for food and non-alcoholic beverages.

Accordingly, the trend pointed down, with annual average harmonized inflation coming in at 8.0% in July (June: 8.4%). Meanwhile, consumer price inflation fell to 3.1% in July, from June’s 3.4%.

Finally, harmonized consumer prices dropped 0.38% in July over the previous month, contrasting the 0.44% rise seen in June.

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