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Inflation Slows In July On Food And Beverage Softness

PORTUGAL

Portugal July Flash inflation shows a marked deceleration: headline CPI prints 3.1% Y/Y (3.4% prior), -0.4% M/M (+0.3% prior); HICP 4.3% Y/Y (4.7% prior), -0.4% M/M (+0.4% prior). No consensus for this release was available.

  • There is little detail in the flash release, with INE saying re the slowdown in the annual CPI rate: "This deceleration is partially associated to a decrease in prices of Food and non-alcoholic beverages."
  • The timing of the release appears to be a surprise to market participants who expected the report at 1100UK time. In a footnote Portugal's INE note that they disseminates most data at 1100, unless it is due on the same day as the corresponding European release - in which case it's released at 0930.

Source: INE

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