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Portugal: Harmonized inflation falls to near four-year low in May
Latest reading: Harmonized inflation dropped to 1.7% in May from April’s 2.1%, falling below the ECB’s 2.0% target. May’s figure represented the weakest inflation rate since September 2021 and was among the lowest in the Euro area. The slowdown was broad-based, with prices for housing, hospitality, recreation and transport all losing momentum. Still, a faster rise in food costs limited the downturn.
As a result, annual average harmonized inflation fell to 2.4% in May (April: 2.6%). Meanwhile, consumer price inflation ticked up to 2.3% in May from the previous month’s 2.1%.
Finally, harmonized consumer prices rose 0.64% from the previous month in May, coming in below April’s 1.30% increase.
