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Portugal Inflation November 2023

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

Harmonized inflation dropped to 2.2% in November, following October’s 3.2%. November’s figure represented the lowest inflation rate since October 2021 and came in below the Euro area average of 2.4%. The sharper drop was primarily due to slower growth in prices for food and non-alcoholic beverages. In addition, price pressures for transportation softened, and year-on-year prices for housing and utilities fell at a quicker pace.

As a result, the trend pointed down with annual average harmonized inflation falling to 5.9% in November (October: 6.6%). Meanwhile, consumer price inflation fell to 1.5% in November, from October’s 2.1%.

Finally, harmonized consumer prices dropped 1.04% from the previous month in November, coming in below October’s 0.44% drop. November’s result marked the weakest reading since July 2020.

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