What is behind Portugal’s low inflation?

In the first half of 2018, the inflation figures have been well below those of the first half of 2017: for example, the average rate of inflation between January and May 2018 was 0.9%, 0.8 pps lower than the figure for the same period in 2017 (1.7%). What is the reason for this slowdown, which is especially surprising at a time when the economy is gaining strength? Part of the explanation is related to oil prices, which rose sharply between early 2016 and 2017 (by around 50% between January 2016...

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