Portugal: Harmonized inflation increases in November
Latest reading: Harmonized inflation edged up to 2.7% in November from October’s 2.6%. The reading outpaced both the Euro area average of 2.2% and the ECB’s 2.0% target. Looking at the details of the release, rebounding price pressures for transport plus faster increases in housing and hospitality costs outweighed a softer increase in prices for food.
As a result, the trend pointed up slightly, with annual average harmonized inflation coming in at 2.6% in November (October: 2.5%). Meanwhile, consumer price inflation rose to 2.5% in November from the previous month’s 2.3%.
Finally, harmonized consumer prices dropped 1.02% over the previous month in November, down from October’s 0.35%. November’s result marked the weakest reading since November 2023.