Portugal has registered the highest inflation rate in 30 years, with the consumer price index accelerating to 9.1% in July, thanks to the soaring prices of food, housing and energy, hotels and restaurants and transport.
The National Statistics Institute (INE) has confirmed the annual inflation figures in July that it had previously published two weeks ago, revealing an increase in the rate by 0.4 percentage points compared to the previous month.
The inflation rate measures the price variation of a basket of goods and services that we consume on a daily basis, such as food, clothing, home and energy, in relation to the previous period.
For the highest annual inflation rate since November 1992, four classes of products contributed mainly, according to the statistics office: housing, water, electricity, gas and other fuels (16.6%), hotels and restaurants (14.8 %), food and non-alcoholic beverages (13.9%) and transport (12.8%).
On the other hand, health was the only consumption class by objective that saw a reduction in prices (-3.57%) and that will be related to the end of user fees on the SNS since 1 June.