Lisbon, Aug. 12, 2025 (Lusa) - Portugal's year-on-year inflation rate was 2.6% in July, 0.2 percentage points higher than in June, the National Statistics Institute (INE) confirmed on Tuesday.
Rounded to one decimal place, the rate of change in the Consumer Price Index (CPI) released today by the INE coincides with the flash estimate released by the institute on 31 July.
The underlying inflation indicator - which excludes more volatile products such as food and energy - registered a year-on-year change of 2.5% in July, compared to 2.4% in the previous month, representing an upward revision of 0.1 percentage points compared to the initial estimate.
The variation in the index for energy products stood at -1.1% (-1.3% in the previous month).
In turn, the index for unprocessed food products accelerated for the sixth consecutive month, to 6.1% (4.7% in June), driven mainly by increases in fruit prices, whose index recorded a year-on-year change of 10.0%, 5.7 percentage points higher than in the previous month.
By expenditure class and compared to the previous month, INE highlights the increases in July in the year-on-year rates of change in ‘restaurants and hotels’ and ‘food and non-alcoholic beverages’, with variations of 7.5% and 3.8% respectively (6.8% and 3.1% in June).
In contrast, there was a decrease in the year-on-year rate of change in the ‘clothing and footwear’ category, with a variation of -2.0% (-1.0% in the previous month).
In July, the classes with the highest positive contributions to the year-on-year change in the CPI were ‘food and non-alcoholic beverages’ and ‘restaurants and hotels’.
In contrast, the class with the most significant negative contribution was ‘clothing and footwear’.
Compared with the previous month, the increases in the contributions to the year-on-year change in the CPI of the classes ‘food and non-alcoholic beverages’ and ‘restaurants and hotels’ stood out, while the opposite was true for the class ‘clothing and footwear’.
In the year-on-year comparison, the CPI variation decreased to -0.4% (0.1% in the previous month and -0.6% in July 2024), while the average variation for the last 12 months was 2.3% (the same figure as in the previous month).
The Portuguese Harmonised Index of Consumer Prices (HICP), which allows for comparison between European countries, showed a year-on-year change of 2.5% (2.1% in the previous month), 0.5 percentage points higher than the figure estimated by Eurostat for the euro area (in June, this difference had been 0.1 percentage points).
Excluding unprocessed food and energy, the HICP in Portugal reached a year-on-year variation of 2.4% in July (2.1% in June), identical to the rate estimated for the euro area.
The monthly change in the HICP was -0.3% in July (0.1% in the previous month and -0.8% in July 2024), while the average change over the last 12 months was 2.3% (2.4% in the previous month).
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