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Portugal Inflation December 2023

Portugal: Harmonized inflation falls to over two-year low in December

Harmonized inflation came in at 1.9% in December, down from November’s 2.2% and below the Euro area average of 2.9%. December’s reading represented the lowest inflation rate since October 2021. Looking at the details of the release, prices for food and non-alcoholic beverages, and hospitality rose at a softer pace. In contrast, transport inflation increased.

In addition, the trend pointed down, with annual average harmonized inflation coming in at 5.3% in December (November: 5.9%). Meanwhile, consumer price inflation edged down to 1.4% in December, from the previous month’s 1.5%.

Lastly, harmonized consumer prices fell 0.70% in December over the previous month, a more moderate fall than November’s 1.04% drop.

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