Highest value since 1992
The Diário de Notícias reports that Portuguese inflation in July, at 9.1%, was the highest since November 1992.
The year-on-year change in the Consumer Price Index (CPI) – the generally accepted measure of inflation – was 9.1% in July, a rate 0.4% higher than the one observed in the previous month and the highest rate since November 1992, confirmed the Portuguese Statistics portal, INE.
“The year-on-year change in the CPI was 9.1% in July 2022, a rate 0.4 pp [percentage points] higher than that recorded in the previous month and the highest since November 1992”, announced the INE, thus confirming the values that had advanced in the quick estimate released on July 29.
The underlying inflation indicator (total index excluding unprocessed food and energy products) also accelerated, registering a change of 6.2% (6% in June).
The change in the index relating to energy products was situated at 31.2%, that is, 0.5 percentage points lower than the value of the previous month, while the index referring to unprocessed food products showed a change of 13.2% (11.9% in June).
According to the statistical authority, the monthly variation of the CPI was null (0.8% in the previous month and -0.3% in July 2021), while the average variation of the last twelve months was 4.7% (4.1% in June).
As for the Harmonized Index of Consumer Prices (HICP), the year-on-year change in July was 9.4%, which represents the new highest value recorded since the beginning of the HICP series, in 1996.
This inflation rate is 0.4 percentage points higher than in the previous month and 0.5 percentage points higher than the value estimated by Eurostat for the euro area.
Excluding unprocessed food and energy, the HICP registered a year-on-year change of 6.9% in July (6.6% in June), higher than the corresponding rate for the euro area (estimated at 5.0%), “keeping the markedly rising profile seen in recent months”, pointed out INE.
The HICP registered a zero monthly change (1.1% in the previous month and -0.4% in July 2021) and an average change in the last twelve months of 4.8% (4.1% in the previous month).
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