Portugal: Inflation picks up in October from the prior month
Latest reading: Harmonized consumer prices were up 2.0% on a year-on-year basis in October, following a 1.9% increase in the previous month and reaching the ECB’s target.
Relative to the prior month’s data, price pressures were higher for restaurants and hotels in October (+3.0% in annual terms vs +2.7% in September). In contrast, there were milder price pressures for food and non-alcoholic beverages (+3.5% vs +4.0% in September), transportation (+1.6% vs +1.7% in September), housing and utilities (+1.9% vs +2.2% in September) and recreation (+1.1% vs +1.4% in September).
Meanwhile, consumer prices were up 2.3% in October, following a 2.4% increase in the prior month.
Lastly, harmonized consumer prices declined 0.31% in October in month-on-month terms, following a 0.97% rise in the previous month.