INE confirms acceleration of price rise to 3,1% in May

Value confirms the quick estimate released on May 31st

The annual inflation rate stood at 3,1% in May, 0,9 percentage points more than in April, the National Statistics Institute (INE) confirmed today.

“This acceleration essentially results from the base effect associated with the monthly price reduction recorded in May 2023 (-0,7%), following the VAT exemption on a range of food items, and, to a lesser extent, the acceleration in prices of hotels”, explains the institute.

Rounded to one decimal place, the rate of change in the Consumer Price Index (IPC) presented today by INE confirms the value of the quick estimate released on May 31st.

The underlying inflation indicator (total index excluding unprocessed food and energy products) registered a year-on-year variation of 2,7%, a rate 0,7 percentage points higher than in April.

In May, the variation in the energy products index decreased slightly to 7,8% compared to 7,9% in the previous month.

The index for unprocessed food products increased to 2,5% (no change in the previous month).

In monthly terms, the IPC showed a variation of 0,2% in May (0,5% in the previous month and -0,7% in May 2023). Excluding unprocessed food and energy products, the CPI variation was 0,3% (0,6% in the previous month and -0,3% in May 2023).

As for the average variation over the last 12 months, it remained at 2,6% recorded in April, and, excluding unprocessed food and energy products from the IPC, the average variation rate was 3,3% (3,5% the previous month).

As for the Portuguese Harmonized Index of Consumer Prices (HIPC), it registered a year-on-year variation of 3,8%, a value 1,5 percentage points higher than that recorded in the previous month and 1,2 percentage points higher than estimated by Eurostat for the area of the euro (in April, the rate in Portugal had been lower than that of the euro area by 0,1 percentage points).

Excluding unprocessed food and energy products, the HICP in Portugal reached a year-on-year variation of 3,6% in May (2,1% in April), higher than the corresponding rate for the Euro area (estimated at 2,9%).

In May, the HIPC recorded a monthly variation of 1,0% (1,1% in the previous month and -0,4% in May 2023) and an average variation of the last 12 months of 3,3% (3,5 % in the previous month).

 



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