High inflation continues to leave its mark in Portugal, with various foodstuffs and basic everyday products rising in price. When it comes to the cost of food in Portugal, this is the case, for example, with bread, which rose 15% in Portugal in August 2022 compared to the same month last year. However, this is still less than the average for all European Union (EU) countries which was 18%. Let's have a closer look at the latest data released by Eurostat which has a direct effect on the cost of living in Portugal in 2022.
According to the European statistics office, the increase in the price of bread has been accelerating since March, coinciding with the beginning of the war in Ukraine and rising inflation in Portugal and across Europe.
Leading the ranking of the biggest price rises is Hungary, where the price of bread has risen 65.5% in a year. Next on the list are Lithuania (33.3%), Estonia and Slovakia (32.2% each). On the contrary are France, the Netherlands and Luxembourg, where the price of bread has risen "only" 8.2%, 9.6% and 10.2% respectively.
Eurostat highlights that bread and cooking oil prices have risen sharply due to the invasion of Ukraine by Russia, as both countries are major exporters of cereals such as wheat and maize, as well as fertilisers.
Vale do Lobo to launch new apartments and off-plan houses
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Brits remain interested in living in Portugal
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Getting a mortgage in Portugal as a foreigner
Portugal, with its pleasant climate and affordable cost of living, continues to be a desirable destination for expats and retirees. This guide offers crucial information for foreigners wishing to obtain a mortgage in Portugal and everything you need to know about getting a mortgage in Portugal as a foreigner.
IMI Portugal 2024: price per square metre remains at 665 euros in 2024
What is IMI tax in Portugal? IMI stands for "Imposto Municipal sobre Imóveis", which translates to Municipal Property Tax in English. It is a property tax levied on real estate properties in Portugal. IMI is imposed annually on the rateable value of properties and is collected by local municipalities. The tax rate can vary depending on factors such as the property's location, type, and value. When it comes to IMI in Portugal in 2024, the price of a square metre (m2) for the purposes of calculat
Mortgage interest rates in Portugal higher than the Eurozone since October
In Portugal, average interest rates on new home loans have been stabilising at 4.2% since June. And in the euro area, average interest rates continue to rise, having reached 4% in November for the first time since 2009. But even so, Portuguese banks are charging more interest on home loans than the Eurozone average, a trend that has been visible since October last year, as revealed by the most recent data from the Bank of Portugal (BdP).
Tax exemptions attract foreigners - and the Portuguese emigrate...
The tax exemptions granted to foreign citizens who come to live, invest or work in Portugal have made many people choose the country to live in. The other side of the coin is the flight of residents, particularly young people, who pack their bags for other destinations in search of better living and working conditions and/or salaries. A scenario that seems to have gained momentum with the increasing tendency for Portugal to be one of the places of choice for local nomads.
Social Security's new digital counter: find out how to get in touch
The new digital counter is designed to improve contact with Social Security and allows citizens and companies to interact interactively with Social Security. It is a service that is always available and can be accessed from a computer, tablet or smartphone.