The year-on-year inflation rate was 3.0% last December, 0.5 percentage points higher than in November, with the average change for 2024 standing at 2.4%, compared to 4.3% in 2023, INE Statistics Portugal has said today. Rounded to one decimal place, the rate of change in the Consumer Price Index (CPI) for December confirms the value of the flash estimate released on December 30, 2024. The underlying inflation indicator, which excludes more volatile products such as food and energy, recorded a year-on-year change of 2.8% in December (2.6% in the previous month) and an average rate of change in 2024 of 2.5% (5.0% in the previous year). According to INE, “the year-on-year rate of change in the total CPI showed relative stability throughout the year (of 2024), registering a minimum of 1.9% in August and a maximum of 3.0% in December, which contrasts with the significant deceleration seen in 2023″.
Inflation creeps up to 3% in December
