Portugal's producer price inflation accelerated further in May to the highest level in more than three years amid soaring energy costs, according to figures from Statistics Portugal released on Thursday.
The producer price index climbed 5.1% yearly in May, faster than the 3.8% increase in April, which was the first rise in fifteen months.
Moreover, the latest growth rate was the quickest since February 2023, when prices rose 9.3%.
Energy prices jumped 19.5% annually in May due to the impact of the Middle East war, which pushed up oil prices. Excluding the energy group, producer price inflation was 2.4%.
Prices for consumer goods showed an increase of 0.4%, while those for capital goods grew at a slower rate of 1.5%. Data showed that costs for intermediate goods were 4.8% higher.
On a monthly basis, producer prices rose 1% in May.
