April saw much higher inflation than the previous month. “But it is not yet a cause for alarm.”
To charge of inflation accelerated to 3,4% in April, plus 0.7 percentage points than in the previous month, again driven by fuel, according to the quick estimate released today by the National Statistics Institute ().
“As seen in the previous month, the acceleration of the CPI [Índice de Preços no Consumidor] is mainly explained by the increase in the price of fuels”, reflecting the rise in oil prices, says INE.
In April, the variation in the index for energy products increased to 11,7%, after a rise of 5.7% in March, while the index for unprocessed food products accelerated from 6.4% to 7,5%.
The rise in fuel prices is an impact of the war in Iran, which began at the end of February, and the consequent closure of the Strait of Hormuz, through which around 20% of global oil production and almost 20% of liquefied natural gas (LNG) passes.
As for the underlying inflation indicator, which excludes more volatile products such as unprocessed food and energy, it registered a variation of 2,2%, rate higher by 0.2 percentage points than the previous month.
Compared to the previous month, the variation in the IPC would have been 1,4% in April (2.0% in March and 0.7% in April 2025).
The average variation of the index over the last 12 months is estimated at 2,4%, against 2.3% in the previous month.
With regard to the Portuguese Harmonized Consumer Price Index (HIPC), which allows comparisons with other European countries, it will have registered an annual variation of 3,3% in the month under analysis (2.7% in March).
It’s not alarming
The definitive data relating to the CPI for the month of April will be released by INE on May 13th but, for now, Luís Montenegro appeals for tranquility.
“We are all worried and apprehensive. But is not yet a cause for alarm, it’s not worth anticipating problems that we can still avoid”, reacted the prime minister, in a conversation with journalists at Ovibeja, this Thursday.
Montenegro assured that the Government is “very attentive” to price developments, especially in “most essential” goods. And he will act if necessary, but with “responsibility e prudence adaptation to the evolution of reality”.
The Government is making a “great effort” to support Portuguese families in relation to fuel and rising prices in general. It helps “the transport sectors, whether for goods or passengers. Trying, therefore, not to overload the costs associated with fixing the prices of products”, explained the government leader. And there will also be new developments for the agri-food sector.
