Inflation slowed to 2.8% in June compared to the same month last year. According to the National Institute of Statistics’ rapid estimate, there was a slowdown of 0.3 percentage points compared to the year-on-year rate recorded in May, which is largely attributed to the reduction in hotel prices compared to May.
The INE explains the spike in growth recorded last month with a “major cultural event that took place in Lisbon” and which corresponds to the two concerts by the American singer Taylor Swift held on May 2 and 25. This event was also responsible for a 34% increase in payments with foreign cards.
INE confirms inflation accelerated in May to 3.1% with Taylor Swift effect
The INE notes a more significant increase in the energy products index, which rose to 9.4% compared to 7.8% in May. The behaviour of food prices slowed down by 2% compared to 2.5% in the previous month.
Excluding fresh food products and energy, inflation varied by 2.3% in June, compared to 2.7% in May.
The quick estimate also points to an average increase in inflation of 2.5% in the last 12 months, compared to the 2.6% seen in May.
Final inflation figures for June will be released on July 10.
Source: Observadora
