The year-on-year rate of change in the Consumer Price Index (CPI) dropped to 3,1% in July, 0,3 percentage points less than in June, according to the flash estimate released today by the National Statistics Institute (INE).
According to INE, “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 lower by 0,3 percentage points ( pp) to that observed in the previous month”.
The statistical institute says that this slowdown is “partially associated with a decrease in prices seen in the class of food products and non-alcoholic beverages”.
As for the underlying inflation indicator (total index excluding unprocessed food products and energy), this will have registered a variation of 4,7% in the month under analysis (5,3% in the previous month).
INE points out that the change in the index for energy products “will have settled 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 change rate in the last 12 months was 7,3% (against 7,8% recorded in the year ending in June).
The Portuguese Harmonized Index of Consumer Prices (HICP) recorded a year-on-year change of 4,3% in July, compared with 4,7% in the previous month.
INE notes that the definitive data regarding the IPC for the month of July 2023 will be published on the 10th of August.
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