Portugal Inflation Holds Steady at 3% in July

Portugal's Consumer Price Index (CPI) remained steady at 3% year-over-year in July, matching market forecasts and holding consistent from June's final figure.

The data released by Statistics Portugal (INE) shows that prices increased by 0.3% on a monthly basis, a slight deceleration from the 0.5% rise recorded in June.

Core inflation, which excludes volatile food and energy prices, also remained elevated at 1.9%, though the headline figure has been gradually easing from its peak of 10.2% seen in October 2022.

The persistence of inflation above the European Central Bank's 2% target is a key concern for policymakers, with energy costs having moderated but service prices and food costs continuing to exert upward pressure.