Price of zero VAT food basket falls by 10%

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The price of food items that are part of the zero VAT basket fell by 10% until July 17, according to data from the Food and Economic Security Authority (ASAE), released today by the Ministry of Economy.

“After three months of the VAT exemption measure in 46 types of food, and according to the data resulting from the monitoring carried out by ASAE, within the scope of the Monitoring of Food Prices, until July 17, the reduction in food prices exceeded 10%”, can be read note from the Ministry of Economy and Sea.

According to the executive, the 10.06% reduction in the price of the same food basket translates into “a relevant, progressive and sustained reduction in the price of food items that make up that basket”.

This leads the Ministry to consider that the measure is “one of the factors that contributed to the downward trend in the inflation rate in Portugal, recorded in recent months”.

“In order to achieve these results, the implementation of the commitments made by the Portuguese State was decisive, both as regards the VAT exemption and the reinforcement of support for agricultural production to mitigate the impact of production costs, as well as the commitments made by all the other signatories to the Pact for the Reduction and Stabilization of Food Prices with the aim of mitigating the impacts of inflation on families in Portugal”, he adds.

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