The Consumer Price Index (CPI) annual rate was 2.2% in April 2024 (2.3% in March). The annual core inflation rate, which excludes energy and unprocessed food products was 2.0% (2.5% in the previous month). The annual rate of change for energy products increased to 7.9% (4.8% in March), due to the base effect related to the monthly decrease of 3.2% recorded in April 2023. The annual rate for unprocessed food was nil (-0.5% in the previous month).

The CPI monthly rate was 0.5% (2.0% in the previous month and 0.6% in April 2023), while the CPI 12-month average rate was 2.6% (2.9% in March). 

In April 2024, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 2.3% (2.6% in the previous month). This rate is 0.1 percentage points (p.p.) below the rate estimated by Eurostat for the Euro area (in March, the Portuguese rate was 0.2 p.p. above the figure for the Euro area). Excluding energy and unprocessed food products, the Portuguese HICP was 2.1% in April (2.8% in March), below the corresponding rate for the Euro area (estimated at 2.8%).