Inflation slows 0.3 points in July to 3.1%

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The year-on-year rate of change in the Consumer Price Index (CPI) fell to 3.1% in July, 0.3 percentage points less than in June, according to the rapid estimate released today by the National Statistics Institute (INE).

According to Statistics Portugal, “based on the information already collected, the year-on-year rate of change in the Consumer Price Index (CPI) will have decreased to 3.1% in July 2023, a rate 0.3 percentage points (p.p.) lower than that observed in the previous month”.

The statistical office says that this slowdown is “partly associated with a decrease in prices in the food and non-alcoholic beverages class”.

As for the underlying inflation indicator (total index excluding unprocessed food and energy), it is estimated to have changed by 4.7% in the month under review (5.3% in the previous month).

Statistics Portugal points out that the change in the index for energy products “will have stood at -15.0% (-18.8% in the previous month)” and that the index for unprocessed food products “will have decelerated to 6.9% (8.5% in June)”.

INE adds that the average rate of change over the last 12 months was 7.3% (compared to 7.8% in the year ending in June).

Meanwhile, the Portuguese Harmonized Index of Consumer Prices (HICP) is estimated to have registered a year-on-year rate of change of 4.3% in July, compared to 4.7% in the previous month.

Statistics Portugal notes that the final CPI data for July 2023 will be published on August 10.

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