Portugal’s 12-month inflation at 9.9% in November, slows down vs Oct

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FILE PHOTO: A Roma community woman takes care of the clothes she sells at a street market, in Faro

LISBON (Reuters) – Portuguese consumer prices rose 9.9% year-on-year in November, slowing down slighly from the 10.1% reported in the previous month, flash data from the National Statistics Institute (INE) showed on Wednesday.

October prices increase was the fastest in 30 years.

Still, core inflation, which strips out volatile food and energy prices, rose 7.2% year-on-year, its fastest pace since December 1993, and up from a reading of 7.1% in October.

The economic fallout from Russia’s invasion of Ukraine has fueled inflation worldwide, especially through increasing prices of energy and grains.

Compared to October, consumer prices in Portugal rose 0.3%.

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(Reporting by Patricia Vicente Rua and Marta Serafinko; Editing by Inti Landauro)