Portugal: Inflation remains unchanged in November
December 14, 2010
In November, consumer prices rose 0.2% over the previous month, half the 0.4% increase recorded in October. The increase was driven by higher prices for transportation (+0.6% month-on-month), as well as for alcoholic beverages and tobacco (+0.8% mom). These price increases were partially offset by lower prices for food and non-alcoholic beverages (-0.1% mom) as well as for recreation and culture (-0.2% mom). Annual inflation remains unchanged at 2.3% in November, which represents the highest rate of inflation since October 2008. Meanwhile, annual core inflation, which does not include the price of unprocessed food and energy, continued to rise, stepping up from 1.0% in October to 1.2% in November. Annual average harmonised inflation (based on the harmonised index of consumer prices) rose from 0.9% in October to 1.2% in November, which represented the ninth consecutive monthly increase.