Portugal: Harmonized inflation eases in July
Harmonized inflation dropped to 2.7% in July from June’s 3.1%. July’s figure marked the joint-lowest inflation rate since February but slightly outpaced the Euro area average of 2.6%. The result was driven by moderating price pressures for transportation plus housing and utilities. That said, prices for food and non-alcoholic beverages grew at a faster pace.
Accordingly, the trend pointed down slightly, with annual average harmonized inflation coming in at 3.1% in July (June: 3.2%). Meanwhile, consumer price inflation fell to 2.5% in July from June’s 2.8%.
Finally, harmonized consumer prices fell 0.76% from the previous month in July, coming in below June’s 0.30% fall. July’s result marked the weakest reading since November 2023.