Portugal inflation October 2022

Coordinated inflation came in at 10.6% in October, up from 9.8% in September. The October result represented the highest rate of inflation since August 1991. Looking at the release details, prices for food, non-alcoholic beverages, transportation, housing and utilities rose at a faster pace in October. However, entertainment prices have risen at a more subdued pace.

The trend has pointed upward, with the harmonized average annual inflation coming in at 6.9% in October (September: 6.2%). Meanwhile, consumer price inflation rose to 10.1% in October from 9.3% in September.

Finally, harmonized consumer prices rose 1.07% in October from the previous month, moderated from the 1.27% increase recorded in September.

FocusEconomics analysts expect the harmonized inflation rate to average 5.1% in 2023, up 0.4 percentage points from the previous month’s estimate, and 2.4% in 2024.

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