Portugal: Harmonized inflation moves further above target in December
Latest reading: Harmonized inflation jumped to 3.1% in December from November’s 2.7%. December’s reading marked the joint-highest inflation rate since May, outpacing both the ECB’s 2.0% target and the Euro area average of 2.4%. Looking at the details of the release, the upturn was broad-based: Transport costs surged, and prices for food, housing and hospitality gained traction.
Accordingly, the trend pointed up slightly, with annual average harmonized inflation coming in at 2.7% in December (November: 2.6%). Meanwhile, consumer price inflation rose to 3.0% in December from November’s 2.5%.
Finally, harmonized consumer prices fell 0.28% from the previous month in December, a smaller drop than the 1.02% drop logged in November.