Latest news and stories about inflation in daily life in Portugal for expats and residents.
The increase in fuel prices is exacerbating the difficulties faced by the fishing sector.
The executive director of CM says that all signs indicate that the situation will worsen.
The population is reducing spending due to economic uncertainty.
The increase in fuel costs is having a direct effect on the price of fish.
This is the warning issued by shipowners at the Figueira da Foz fishing port. The war in the Middle East has made refuelling ship engines for sea voyages about 30% more expensive. Consequently, consumers will feel the impact when they go to the fishmonger.
This is the warning issued by shipowners at the Figueira da Foz fishing port. The war in the Middle East has made refuelling ship engines for sea voyages about 30% more expensive. Consequently, consumers will feel the impact when they go to the fishmonger.
In an analysis on CNN Portugal, financial markets expert Filipe Garcia assesses the effects of the crisis in the Middle East. Although he considers it “too early” to feel the real impact on consumption, the analyst warns that the escalation in energy prices will inevitably end up being reflected in the final prices of goods and services.
Diesel prices increase by eight cents per litre this Monday and petrol by seven cents, with government discounts applied. Last year, approximately four billion litres of road diesel were consumed.
Portugal is facing another sharp rise in fuel prices this Monday, March 16, due to the national market practice of weekly price updates by major oil companies. Since February 27, the eve of the war with Iran, the average price of diesel in Portugal has risen by nearly 20% and petrol by 10%, despite state subsidies. While global oil prices have surged by 40% due to the closure of the Strait of Hormuz and ongoing regional conflicts, other European countries are managing the volatility differently. Malta, for instance, maintains government-administered, fixed prices that have remained unchanged, shielding consumers from the current crisis. Meanwhile, countries like Germany and France update prices daily, and others like Croatia and Slovenia use fortnightly caps to mitigate fluctuations.
This increase occurs in a context of strong geopolitical tension in the Middle East, with oil prices pressured by the closure of the Strait of Hormuz.
Portuguese people continue to visit local markets, but are already looking for cheaper products. The bad weather that affected the country also had an impact on food prices.
The cost of fuel, food, and mortgage payments is increasing at different rates
Over the last two weeks, life for the Portuguese has become more expensive due to the conflict in the Middle East. Fuel, distribution, and the food basket are facing a price hike. In the markets, consumers are doing the math and buying only the essentials.
Brent crude oil prices have surged over 42% since the onset of the Middle East conflict, with an 11% increase recorded in the past week alone, reaching $103.14.
Fuel prices are expected to increase by approximately 10 cents per litre starting this Monday.
Fuel prices in Portugal are set to rise further next week, with standard diesel increasing by around 10 cents per litre and 95-octane petrol rising by 10.3 cents, according to The post Fuel prices to go up by roughly another 10 cents a litre next week appeared first on Portugal Resident.
Fuel prices will increase again next Monday. Petrol and diesel prices will see hikes of 10 and 10.3 cents per litre, respectively, according to retailers.
This increase occurs in a context of strong geopolitical tension in the Middle East
Fuel prices will rise again next week, with diesel soaring very close to the €2 per litre mark. Since the beginning of the year, a 50-litre tank of diesel has become 20 euros more expensive.
Pedro Silva, an energy expert at Deco Proteste, explains why the conflict in the Middle East led to the rise in oil prices and what the impacts of this increase are.
The prices of most products will continue to rise. Gonçalo Lobo Xavier, Director-General of the Association of Distribution Companies, anticipates that 'in a month's time, the entire value chain will surely, and unfortunately, be contaminated by these increases'.
Fuel prices in Portugal are set to accelerate again next week, with a projected increase of about ten cents per litre. Petrol is expected to reach around 1.88 euros and diesel around 1.94 euros on average, with some stations potentially seeing diesel exceed two euros per litre. Final prices will vary by location and station, but consumers can check for the cheapest options on the Directorate-General for Energy and Geology (DGEG) platform. This follows recent hikes of 19 cents for diesel and 7 cents for petrol last week. The diesel increase was mitigated by the government through an exceptional discount on the Tax on Petroleum Products (ISP), preventing a rise that could have reached 25 cents. This price escalation is linked to the deteriorating geopolitical situation in the Middle East and the blockade of the Strait of Hormuz, which has pressured international energy markets. The government has admitted it may implement further measures if significant and lasting price increases occur.
The ongoing conflict in Iran is triggering economic instability, leading to rising inflation and expectations of interest rate hikes by the ECB, which will directly increase mortgage costs for families in Portugal.
Inflation disproportionately affects low-income individuals, exacerbating poverty and social inequality.
