Inflation rose to 2.6% in July, widening the price index difference compared to June on a year-over-year basis, according to preliminary estimates released by the National Institute of Statistics (INE) today.
The institute’s information, still subject to revision, indicates that the Consumer Price Index (CPI) difference between July this year and July 2024 was 2.6%.
The variation in June was 2.4%, meaning the year-over-year difference in July was 0.2 percentage points higher than the previous month.
The underlying inflation indicator, which excludes unprocessed food and energy products due to their volatile prices, recorded a variation of 2.4%, remaining at the same value as the previous month.
Conversely, the index related to energy products decreased by 1.1%, a less intense decline than in June, when the drop was 1.3%.
Meanwhile, the index for unprocessed food products increased. In July, the year-over-year difference reached 6.2%, exceeding the 4.7% year-over-year variation observed in June.
For the monthly evolution (comparing the index value between June and July), the INE data points to a decrease in the CPI. The overall index fell by 0.4%. In June, it had increased by 0.1% compared to May.
The Harmonized Consumer Price Index (HCPI), which allows for comparisons with other European Union (EU) countries, registered a year-over-year variation of 2.5%, higher than the 2.1% difference observed in June.
In that month, the Portuguese index variation was slightly above the average inflation in the eurozone, estimated by Eurostat at 2%.
However, the Portuguese rate remained below the EU average of 2.3%, according to the European Statistics Service data from July 17.
The values published today by the INE are still provisional and have been calculated based on the information gathered by the institute so far, and are subject to revision.
Final statistics will be available on August 12.
[Updated at 11:44 AM]
