Portugal’s July inflation rise at fastest pace since Nov 1992

Portuguese consumer prices jumped 9.1% year-on-year in July, the fastest pace since November 1992, up from 8.7% in June, flash data from the National Statistics Institute (INE) showed on Friday.

Core inflation, which strips out volatile food and energy prices, rose 6.2% in July year-on-year, the fastest rate since April 1994, up from 6% a month earlier.

Russia’s invasion of Ukraine and the subsequent pressure on energy and food markets has stoked inflation, which was already accelerating as the global economy reopened after the coronavirus pandemic.

Comparing to June, consumer prices in Portugal were flat in July, down from a 0.8% increase the previous month.