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EUROPEAN INFLATION: Core CPI Falls In Portugal

EUROPEAN INFLATION
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Portugal HICP fell to 2.4% Y/Y in February, below January's 2.7% but still above December 2023's 1.9% - from which the rate has broadly sidelined. The national CPI measure also saw some deceleration this month, both on headline (2.37% vs 2.54% Jan) as well as on core (2.43% vs 2.66% Jan).

  • Energy CPI came in at 1.50% Y/Y (2.39% Jan), driven by a sequential rise as M/M was +0.87%, while unprocessed food CPI was 2.39% Y/Y (1.80% Jan).
  • CPI excl. housing decelerated by 0.16pp, broadly as headline, indicating that rental inflation saw a similar decrease as the wider index (2.21% Y/Y, -0.16% M/M).
  • For reference, Portugal contributes 2.6% to the overall Eurozone HICP 2025 basket.
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Portugal HICP fell to 2.4% Y/Y in February, below January's 2.7% but still above December 2023's 1.9% - from which the rate has broadly sidelined. The national CPI measure also saw some deceleration this month, both on headline (2.37% vs 2.54% Jan) as well as on core (2.43% vs 2.66% Jan).

  • Energy CPI came in at 1.50% Y/Y (2.39% Jan), driven by a sequential rise as M/M was +0.87%, while unprocessed food CPI was 2.39% Y/Y (1.80% Jan).
  • CPI excl. housing decelerated by 0.16pp, broadly as headline, indicating that rental inflation saw a similar decrease as the wider index (2.21% Y/Y, -0.16% M/M).
  • For reference, Portugal contributes 2.6% to the overall Eurozone HICP 2025 basket.