Portugal announces €2.4b inflation support package

The Portuguese government announced Monday a set of measures that amount to 2.4 billion euros to help families cope with increasing inflation.

Portuguese Prime Minister Antonio Costa outlined the aid plan that focuses on families, pensioners and the most vulnerable. Among the eight key measures is the one-time payment of 125 euros per citizen with an income of up to 2700 monthly euros and, no matter the income, an additional 50 euros per child or young person per household.As for pensioners, measures include a 50 percent increase of their pension for the month of October only and further payments to be discussed and approved by the Portuguese Parliament, depending on each category.Further measures include the reduction of taxes on electricity from 12 to 6 percent and a cap on rent prices, transport fees and also a discount on fuel prices.Inflation in Portugal stabilized at about 9% in August, roughly the same as in July.