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"Último" is a form of "último", an adjective which is often translated as "last". "Por último" is a phrase which is often translated as "finally". Learn more about the difference between "último" and "por último" below.
último()
An adjective is a word that describes a noun (e.g., the big dog).
por último()
A phrase is a group of words commonly used together (e.g., once upon a time).
1. (adverbial)