According to the European Commission’s forecasts, it has reconsidered the inflation rate for Portugal upwards by 2.4 percentage points (p.p.), to 6.8% in 2022, although below the 7.6% forecast for the euro zone.

According to the interim macroeconomic forecasts revealed, the Harmonized Index of Consumer Prices (HICP) in Portugal is expected to rise from 0.9% in 2021 to 6.8% in 2022, before falling to 3.6% in 2023.
During May, Brussels anticipated inflation to rise in the country to 4.4% in 2022, declining to 1.9% in 2023.
The European Commission’s forecast exceeds that of the government, which estimates an inflation rate of 4% for this year.
The community executive highlights that inflation increased “substantially” to 8.2% in the second quarter of 2022, due to a strong rise in energy and food prices.
The official further indicates that services prices have also risen, portraying a broad spectrum of factors, encompassing pent-up demand, the effects of energy prices on transport, as well as base effects for accommodation and air transport prices.