INE confirms inflation 8.7%

Portugal’s national statistics institute INE has confirmed that inflation has hit 8.7% in June, the highest level since 1992.

It represented a 0.7% increase on May. The data published on Tuesday shows that the subjacent inflation indicator (excluding non-processed foods and energy) continues to rise from 5.6% in May, to 6% in June (+0.4). This figure was the highest registered since June, 1994.
The index like-for-like variation rate for energy products was 37.7%, the “highest since August 1984”, while non-processed food staples saw a variation of 11.9%, an increase of 0.3 percentage points on May (11.6%).
Compared to the previous month, the monthly variation rate for the Consumer Price Index fell 0.2% to 0.8% in June, but rose 0.6% percentage points like-for-like on 2021 (0.2% in June 2021). The average variation over the last 12 months was 4.1% (3.4% the previous month).
The cost of renting homes also climbed in June by 2.7% in all regions and for all types of housing. Rents in Lisbon and the Algarve were up 2.9%.