Lisbon, July 31, 2024 (Lusa) - Portugal's year-on-year rate of consumer price inflation slowed to 2.5% in July, down 0.3 of a percentage point from the previous month, as prices fell 0.6% on the month, according to a flash estimate released on Wednesday by the country's National Statistics Institute (INE).

"Based on the information available... the Consumer Price Index (CPI) annual rate is estimated to have decreased to 2.5% in July 2024 (2.8% in June)," INE said in a statement. "The core inflation index, which excludes energy and unprocessed food products components was 2.4% (the same value as in the previous month).

"The annual rate of change of the index for energy products decreased to 4.2% (9.4% in June), mainly because of the lower monthly increase in electricity prices (0.3%) when compared to the value registered in July 2023 (15.4%)," the release adds. "The estimated rate for unprocessed food increased to 2.8% (1.8% in the previous month)."

The CPI is estimated to have fallen 0.6% in July from June (when it had been unchanged from May), while the CPI 12-month average rate in July was estimated to be 2.5% (the same as it was in June). 

The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change - used for comparison with other European Union mmber states - was 2.7% (3.1% in the previous month). 

The final results for July CPI are to be released on 12 August, the institute stressed.

ALN/ARO // ARO.

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