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Inflation jumps in Portugal

fruitPrices in Portugal are set to rise as the annual inflation rate went up by 1% in May this year.

This was against a eurozone average rise of 0.3%.

It was also the second highest jump in the zone after Malta where inflation rose by 1.3%.

Factors driving up inflation in the euro region were the greater cost of vegetables, prices in restaurants and cafes, and tobacco increases.

Portugal’s inflation was in negative figures until March 2015. Since then, inflation has gone up steadily in March, April and May.

Eurostat reports that Portugal’s monthly rate is 0.5%.

The lowest rates were reported in Cyprus (-1.7%) and Greece (-1.4%).

Neighbouring Spain has been in deflation for at least the last six months. The rate in May was -0.3%.

The UK, which dipped its toe into deflation only for the month of April, returned to low inflation in May of 0.1%.

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