It's official: inflation in Portugal rose by 7.2% in April 2022 and hit a 29 year high. The Institute of National Statistics in Portugal (INE) confirmed that the year-on-year change in the consumer price index (CPI) was 7.2% in April, up from 5.3% in the previous month and the highest since March 1993. We have all the details about inflation in Portugal in 2022.
"The year-on-year change in the CPI was 7.2% in April 2022, a rate 1.9 percentage points higher than in the previous month and the highest since March 1993," the National Statistics Institute (INE) has reported, thus confirming the figures forecast in an estimate released at the end of April.
The Bank of Portugal has also warned that inflation is already spreading throughout the Portuguese economy. The underlying inflation indicator (total index excluding unprocessed food and energy products) also accelerated, registering a variation of 5.0% (3.8% in March), "the highest value since September 1995".
The change in the energy products index rose to 26.7%, from 19.8% in the previous month, which corresponds to "the highest value since May 1985". In turn, the index for unprocessed foodstuffs showed a variation of 9.4%, compared to 5.8% in March.
Which items show the most notable price rises due to inflation in Portugal?
According to INE, by class of expense and in relation to the previous month, the increases in the year-on-year variation rates of inflation in the following areas are of note:
- housing
- water
- electricity
- gas and other fuel
- restaurants and hotels
"In the opposite direction, alcoholic beverages and tobacco, and clothing and footwear showed a decrease in the year-on-year rate of change to 0.6% and -0.7% respectively (2.6% and 0.1% in the previous month)," it adds.
Among the classes with positive contributions to the year-on-year change in the CPI, food and non-alcoholic beverages, and transport stand out. The only class with a negative contribution was clothing and footwear.
Compared with the previous month, the year-on-year change in the CPI was due to an increase in contributions from food and non-alcoholic beverages, housing, water, electricity, gas and other fuels, transport and restaurants and hotels.
Looking at data from April 2022, the monthly change in the CPI was 2.2% (2.5% in the previous month and 0.4% in April 2021), while the average change over the last 12 months was 2.8% (2.2% in March).