Portugal December inflation creeps up to 0.4 percent

LISBON Mon Jan 13, 2014 6:28am EST

People talk at the vegetable market in Olhao in the southern Portuguese province of Algarve March 12, 2013. REUTERS/Jose Manuel Ribeiro

People talk at the vegetable market in Olhao in the southern Portuguese province of Algarve March 12, 2013.

Credit: Reuters/Jose Manuel Ribeiro

LISBON (Reuters) - Portugal's consumer price index rose 0.4 percent in December, boosted by transport prices, after a decline of 0.2 percent the previous month, the National Statistics Institute said on Monday.

Year-on-year inflation was 0.2 percent in December while average annual inflation in 2013 was 0.3 percent, sharply down from 2.8 percent in 2012.

The data showed that inflation remained subdued in 2013, as Portugal's grappled with what the government hopes will be the last year of slump after the country's debt crisis erupted in 2011.

Austerity imposed under a 78-billion euro ($106.5 billion) EU/IMF bailout has hit consumer demand and caused the deepest recession since the 1970s.

(Reporting By Axel Bugge)

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