Inflation picked up again, reaching 7.2% year-on-year in April, according to a preliminary estimate released by INE on Friday (5.3% in March).
According to INE, this variation in the consumer price index (CPI) is the largest since March 1993. Most of the increase came from products such as fuels.
According to INE, the annual rate of change in the index of energy products is estimated at 26.7% (19.8% in March), which has not been seen since May 1985.
Unprocessed food also rose sharply, albeit less than energy products, with the index fluctuating by 9.5% (5.8% in March).
The underlying inflation indicator, which does not take these two product groups into account, has recorded a 5% variation (3.8% in March), the “highest record since September 1995. Final values known” on 11 May.
“Compared to the previous month, the variation in the consumer price index is fixed at 2.2% (2.5% in March and 0.4% in April 2021),” INE explains. The average change over the last 12 months would have been 2.8% (2.2% in March).
March and April will reflect the effects of Russia’s occupation of Ukraine at the end of February. The acceleration in inflation had already been felt since July last year, when it rose to 1%, but then accelerated at the end of the year and after the European War and reached an unprecedented level in recent decades.
According to the Portuguese Harmonized Index of Consumer Prices (HICP), this “annual change is 7.4%” (5.5% in March). This is an indicator that will allow a comparison with other European countries after a few hits.
This 7.4% brought Portugal closer to the euro area average of 7.5% in the review, according to data released by Eurostat on Friday. In March, the interest rate was 7.4%.
According to Eurostat, the energy product component had the highest weight with a variation of 38%, but lower than the 44.4% in March. In food, alcohol and tobacco, the change was 6.4% (5% in March). The highest figure was in Estonia, 19 per cent of Lithuania overtaking. The smallest change was in Malta, 4.9%.