The strong impact of the war in Ukraine on prices was confirmed and the inflation rate in Portugal increased, during March, the upward trend recorded since the middle of last year, reaching its highest value in nearly three decades.
According to rapid estimates published by the National Institute of Statistics on Thursday, the annual rate of change in the consumer price index increased from 4.2% in February to 5.3% in March. This value is the highest value recorded in Portugal since June 1994.
Compared to the previous month, the price increase was 2.5%, which is comparable to 0.4% in February and which Confirms the expectations of consumers and companies The economic effects of the military conflict in Ukraine will decisively affect the price development in Portugal.
The average year-over-year rate of change in the last 12 months, which is often used as a reference for salary updates, also maintained its upward trend, moving from 1.8% to 2.2%.
In this quick estimate, the National Institute of Statistics does not yet provide disaggregated data by product, but fuel and food played a critical role in the rise in inflation. According to the National Institute of Statistics, the annual rate of change in the energy products index was 19.8%, compared to 15% in February, and reached the highest value since February 1991. The inflation rate for unprocessed food products was 5.9%, compared to 3.7%. in February.
In any case, evidence of inflationary pressure spreading to most products is increasingly evident. National Institute of Statistics data published this Thursday also shows that the annual inflation rate, excluding unprocessed food and energy, rose from 3.2% in February to 3.8% in March.
However, inflation in Portugal should remain below the European average, whose first estimate for March will be released on Friday by Eurostat. this wednesday, The German National Statistical Institute revealed that the country’s inflation rate From 5.1% to 7.3% in Marchthe highest value since the fall of 1981. In Spain, the same indicator was just below the 10% barrier being reached, Standing at 9.8% in Marchthe highest number in nearly 37 years.
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