Portugal distributes financial aid amid record inflation

Lisbon, Oct 21 Portugal has started the distribution of financial aid worth 125 euros ($122) to each worker in the country in an effort minimise the impact caused strong domestic inflation.

According to the Ministry of Finance, 5.8 million people, or nearly half of the country's population, are set to receive a non-taxable deposit in their bank accounts, reports Xinhua news agency.

Adults who make less than 2,700 euros per month and are not receiving pensions are entitled to the payments.

Families with children, regardless of the monthly income, will have an extra benefit of 50 euros for each person under 24 years of age.

The measures are part of a state package called "Families First" that focuses on reducing the impact of inflation in Portugal.

According to the National Statistics Institute, the Consumer Price Index rate was 9.3 per cent in September 2022, a 30-year high.

Under the impact of the conflict in Ukraine, prices are rising across Europe.

In the Eurozone, inflation hit 10 per cent last month, and the European Central Bank has already raised interest rates twice in an attempt to curb the rising prices.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor