Portugal's June inflation rise at fastest pace in 30 years

06/30/2022 | 06:21am

LISBON (Reuters) - Portuguese consumer prices jumped 8.7% year-on-year in June, at their fastest pace since December 1992, up from 8% in May, flash data from the National Statistics Institute (INE) showed on Thursday.

Core inflation, which strips out volatile food and energy prices, rose 6% year-on-year, the fastest rate since May 1994, up from 5.6% the previous month.

Russia's invasion of Ukraine and the subsequent pressure on energy and food markets has stoked inflation, which was already accelerating as the global economy reopened after the coronavirus pandemic.

Consumer prices in Portugal rose 0.8% in June, down from a 1% increase the previous month.

(Reporting by Patrícia Rua and Marta Serafinko; Editing by Andrei Khalip and Inti Landauro)

© Reuters 2022
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