Portugal's inflation 'surprise'

Inflation is soaring everywhere across Europe…except Portugal…

Portuguese annual consumer price inflation stood at 2.7% in December, down from 2.8% in November, data from the National Statistics Institute, or INE, showed Tuesday. On the month, consumer prices edged 0.1% higher in December after a 0.3% increase in November, INE said in a statement.

A Dow Jones Newswires survey of three economists had forecast a 2.8% annual rate of inflation in December and a 0.3% rise on the month. Portugal's average annual inflation rate fell to 2.5% in 2007 from 3.1% in 2006.