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Portugal Inflation Rises As Estimated; Jobless Rate Falls

Portugal's consumer price inflation accelerated as initially estimated in July to reach its highest level since late 1992, latest data from Statistics Portugal showed on Tuesday.

Separate official data showed that the unemployment rate decreased in the second quarter.

Consumer price inflation climbed to 9.1 percent in July from 8.7 percent in June. That was in line with flash data published on July 29.

Moreover, the latest inflation rate was the strongest since November 1992, the statistical office said.

The core CPI, which excludes energy and unprocessed food products components, climbed 6.2 percent yearly in June, faster than the 6.0 percent increase in the previous month.

Compared to the previous month, consumer prices remained flat in July versus a 0.8 percent rise in June. The latest figures confirmed the flash data.

The EU measure of harmonized index of consumer prices, or HICP, rose 9.4 percent annually in July, following a 9.0 percent increase in the prior month, as estimated.

Further, this was the strongest inflation rate ever recorded since the series began in 1996.

Monthly, the HICP showed no variations from June, when it gained by 1.1 percent.

Another report from the statistical office revealed that the unemployment rate dropped to 5.7 percent in the second quarter from 5.9 percent in the previous quarter.

In the corresponding period last year, the jobless rate was 6.7 percent.

There were 298,800 unemployed people in the June quarter, which fell by 9,600 compared to the first quarter and by 46,900 from the same period a year ago.

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