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Portugal spends EUR1.68B to contain inflation

LISBON (BERNAMA) – Portuguese Prime Minister Antonio Costa announced on Saturday that the government had spent EUR1.682 billion (USD1.713 billion) this year on measures to contain inflation, Xinhua reported.

According to him, the money was used for “fiscal measures to control the rise in prices and support to contain production costs”, as well as measures to help “the most vulnerable families and the most energy-dependent economic activities”.

Speaking at the Socialist Party national meeting, in the city of Aveiro, Portuguese north coast, the head of government justified that it was necessary to dedicate this amount because the inflation grew to levels “never experienced in this generation”.

The fiscal measures adopted by the government for the energy sector reduced the tax burden on fuel by 18 percentage points, he said.

“If these measures had not been adopted, in a tank of 50 litres of diesel, each Portuguese would be paying EUR14 more than what they are paying and, in a tank of 50 litres of gasoline, each Portuguese would be paying EUR16 more,” he said.

He also said that EUR120 million were spent just to hold down the prices of basic food products for more than one million most vulnerable Portuguese families.

“As with the pandemic, we have here a challenge on a global scale that we have to be able to face and manage,” said the prime minister.