Portugal's consumer inflation up 8% in May, highest in 29 years

ANKARA

Consumer inflation in Portugal annually increased to 8% in May, its highest level in over 29 years, according to Instituto Nacional de Estatística, or Statistics Portugal, on Tuesday.

This marks the highest annual consumer price index (CPI) increase since February 1993, while CPI increase was 7.2% in April year-on-year, the country's office for national statistics said in a statement.

The annual core inflation rate, which excludes energy and unprocessed food products, also increased to 5.6% in May, from 5% in April.

"The annual rate of change of the index for energy products increased to 27.3%, the highest value since February 1985, and the rate for unprocessed food was 11.6%," the statement said.

On a monthly basis, CPI increased 1% in May, compared to the previous month, after recording a 2.2% monthly gain in April.