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Energy Holds Back Bigger Slowdown In Inflation

PORTUGAL

Portugal delivers another slowdown in a Eurozone inflation reading in September's prelim data - CPI dipped to 3.58% Y/Y from 3.72% in Aug, with disinflation in food prices offset by less Y/Y deflation in energy (-4.1% vs -6.5% in Aug). Looking at core, ex-food and energy slipped to 4.05% Y/Y from 4.48% in Aug.

  • The HICP reading was 4.9% Y/Y (vs 5.3% prior)- which turns out to be the median Y/Y we've gotten from Eurozone countries so far in this round but keeping the Eurozone HICP at 1000UK time on track to come in at 4.3%.

Source: INE

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