When moving abroad, all things need to be considered, including the cost of living and specifics such as food prices. While Portugal is generally known for having low cost of living and being a cheap place to live, prices are on the rise. Portugal is the third country in the Eurozone where food prices have risen the most, soaring above the European average since the beginning of the year. According to the latest Eurostat data, the average grocery shop in Portugal increased by 3.3% to 10.9% in May, the first time food prices have risen by double digits in the country.
In Portugal, one of the 11 single currency countries with above-average changes, the acceleration since January was 7.6 percentage points. These figures are topped only Lithuania and Latvia, where increases of 9.5 and 7.9 percentage points were observed respectively, the European statistics office says.
According to a report by the European Central Bank (ECB), quoted by Jornal de Negócios, even if inflation in Portugal "moderates in the medium term", products are likely to continue to rise in price.
In a report published on Tuesday, the ECB says food inflation "has risen significantly in the Eurozone countries that are more exposed to agricultural imports from Russia, Ukraine and Belarus", which is not the case in Portugal. But it points to three possible reasons for the elevated rise in food prices in Portugal: high energy consumption in food production and processing; the need for natural gas in fertiliser production; and retail profit margins.
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