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Portugal's consumer price index up 3.2 percent in July from year earlier

LISBON, Portugal — Higher fuel and transport prices triggered a 3.2 percent rise in Portugal's consumer price index in July compared with a year ago, the National Statistics Institute said Monday.

The July index was up 0.3 percent from June, said the institute.

The figures were slightly above market expectations. Analysts had forecast a 0.2 percent rise from the previous month and a 3.1 percent yearly rise.

The annualized average rise in July was 2.2 percent from 2.1 percent in June.

The government insists inflation will not surpass 2 percent this year, but unions say prices will rise faster.

The government introduced a sharp hike in fuel prices. Pump prices rose by an average of 11.6 percent.

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