The year-over-year change in the consumer price index (CPI) was 10.1% in October, 0.1 percentage point lower than the estimate released at the end of that month, the highest since May 1992, the INE said. announced on Friday.
“Rounded to one decimal place, this percentage is 0.1 percentage point lower than the flash estimate released on October 28, even though the difference was actually only 0.01 percentage point.”says the National Institute of Statistics (INE).
The underlying inflation indicator (CPI excluding unprocessed food and energy) posted a year-on-year change of 7.1%, 0.2 percentage points higher than in September. According to INE “this is the highest value since January 1994”.
The change in the energy products index was 27.6% (5.4 percentage points above the previous month’s value), while the unprocessed food index registered the highest year-on-year change since June 1990. , at 18.9% (16 .9% in Sept).
By cost category and compared to the previous month, INE highlights increases in the year-over-year change rates of ‘housing, water, electricity, gas and other fuels’ and ‘food and non-alcoholic beverages’, with increases of 18.5 % and 18.6%, respectively (14.6% and 16.4% in the previous month).
By contrast, the ‘restaurants and hotels’ and ‘miscellaneous goods and services’ classes slowed to 16.3% and 2.6% respectively (17.7% and 3.0% in the previous month).
In October, the classes with the largest positive contributions to the year-over-year change in CPI were ‘food and non-alcoholic beverages’, ‘housing, water, electricity, gas and other fuels’, ‘transportation’ and ‘restaurants and hotels’.
‘Health’ was the only class with a negative contribution.
Compared to the previous month, INE points to the increase in contributions to the year-over-year change in the CPI of ‘food and non-alcoholic beverages’, ‘housing, water, electricity, gas and other fuels’ and ‘transportation’.
On the contrary, the reduction in the contribution of the ‘restaurants and hotels’ and ‘miscellaneous goods and services’ classes is emphasized.
According to the INE, the monthly variation of the CPI in October was 1.2%, similar to the previous month and 0.5% compared to October 2021, with a 12-month average variation of 6.7% (6.0% in Sept).
As for the Harmonized Index of Consumer Prices (HICP), it showed a year-on-year change of 10.6% in October, 0.8 percentage point higher than the previous month and 0.1 percentage point lower than its estimated value. for the euro area (in September the exchange rate in Portugal was also 0.1 percentage point below the euro area).
Excluding unprocessed food and energy, the HICP in Portugal reached a year-on-year change of 8.0% in October (7.9% in September), higher than the corresponding euro area rate (estimated at 6.4 %).
In October, the HICP registered a monthly change of 1.1% (1.3% in the previous month and 0.4% in October 2021) and an average change in the last 12 months of 6.9% (6.2% in the previous month).
Source: DN
