Portugal Producer Prices Fall 0.3%

(RTTNews) - Portugal's producer prices decreased for the first time in nine months in January, figures from Statistics Portugal showed on Tuesday.

The producer price index fell 0.3 percent year-on-year in January, reversing a 1.6 percent increase in the previous month.

The downward trend was largely driven by a 3.5 percent decline in prices for non-durable consumer goods amid a fall in olive oil production costs.

Prices for intermediate goods dropped 0.5 percent from last year, while energy prices rose at a slower pace of 4.2 percent versus a 7.0 percent surge in December.

Excluding the energy group, producer prices decreased 1.2 percent annually in January versus a 0.5 percent rise in the prior month.

On a monthly basis, producer prices fell 1.5 percent, reversing a 0.2 percent gain in December.