After nine consecutive months of decline, Portuguese inflation picked up again in August, settling at 3.7%, an increase of 0.6%. What worries the Portuguese are above all energy costs, which are still falling, but to a lesser extent than in previous months, and the price of food, which grows on average by 6.5% compared to the same period last year.
Not rosy forecasts also with regard to the cost of rents.
According to calculations by the National Institute of Statistics (INE), an update of 6.9% in lease contracts could be recorded in 2024, unless the government blocks increases again as it has already done this year, when it established a ceiling of 2% against a real increase which, according to the inflation numbers, could have exceeded 5%.
Again according to the latest data from INE, the second quarter of 2023 also recorded zero growth in the Portuguese economy compared to the first months of this year.
The stagnation is partly due to the export crisis, to which the German crisis is not unrelated, given that Germany is one of Portugal’s major trading partners.
However, the government’s target of full-year 2023 growth remains set at 1.8%, a target that both the executive and many analysts consider still within reach.
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2023-08-31 23:54:00
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