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Inflation Slowed in June, Shaking Off May Hotel Price Jump

PORTUGAL
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HICP inflation in Portugal slowed in June, to +3.1% Y/Y (vs +3.8% prior) and -0.3% M/M (vs +1.0% prior). The national CPI measure also decelerated, coming in at +2.80% Y/Y (vs +3.06% prior) and -0.01% M/M (vs +0.17% prior).

  • The M/M HICP slowdown was mainly driven by the hotel sector being boosted the prior month and returning to normal, Portugal Statistics adds, citing an "major cultural event" in Lisbon in May. (We suspect this is the Taylor Swift tour impacting inflation again - she had tour dates in Lisbon on 24/25 May).
  • Regarding the national CPI measure, for which more detail is available in the Flash release, core inflation (excl. unprocessed food and energy) also slowed, to +2.34% Y/Y (vs +2.70% prior).
  • Energy inflation meanwhile accelerated, to +9.38% Y/Y (vs +7.81% prior), and food inflation slowed (unprocessed food +1.98% Y/Y vs +2.52% prior; processed food 4.01% vs 4.07%)
  • For reference, Portugal represents 2.5% of the total 2024 Eurozone HICP basket.

Portugal Statistics

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HICP inflation in Portugal slowed in June, to +3.1% Y/Y (vs +3.8% prior) and -0.3% M/M (vs +1.0% prior). The national CPI measure also decelerated, coming in at +2.80% Y/Y (vs +3.06% prior) and -0.01% M/M (vs +0.17% prior).

  • The M/M HICP slowdown was mainly driven by the hotel sector being boosted the prior month and returning to normal, Portugal Statistics adds, citing an "major cultural event" in Lisbon in May. (We suspect this is the Taylor Swift tour impacting inflation again - she had tour dates in Lisbon on 24/25 May).
  • Regarding the national CPI measure, for which more detail is available in the Flash release, core inflation (excl. unprocessed food and energy) also slowed, to +2.34% Y/Y (vs +2.70% prior).
  • Energy inflation meanwhile accelerated, to +9.38% Y/Y (vs +7.81% prior), and food inflation slowed (unprocessed food +1.98% Y/Y vs +2.52% prior; processed food 4.01% vs 4.07%)
  • For reference, Portugal represents 2.5% of the total 2024 Eurozone HICP basket.

Portugal Statistics