The year-over-year rate of change in the Consumer Price Index (CPI) fell to 3.4% in June, 0.6 percentage point lower than in May, according to the flash estimate released today by the National Institute of Statistics (INE).
According to INE, “Based on the information already collected, the annualized rate of change in the Consumer Price Index (CPI) will fall to 3.4% in June 2023, which is 0.6 percentage points (pp) lower than that observed in the previous month.” “.
The statistical institute adds that this slowdown “continues to be explained in part by the primary effect resulting from the increase in fuel prices verified in June 2022.”
As for the core inflation index (the total index excluding unprocessed food products and energy), it recorded a variation of 5.2% in the month under analysis (5.4% in the previous month).
The National Institute of Statistics notes that the change in the index of energy products “decreased to -18.8% (-15.5% in the previous month)” and that the index of unprocessed food products “slowed down to 8.5% (8.9% in May)”.
The National Institute of Statistics adds that the average rate of change in the past 12 months was 7.8% (versus 8.2% recorded in the year ending in May).
The Portuguese Harmonized Index of Consumer Prices (HICP) recorded an annual change of 4.7% in June, compared to 5.4% in the previous month.
INE reports that final data regarding the IPC for June 2023 will be published on July 12.
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