The CPI recorded an annual rate of change of 2.7% in May 2012. Excluding energy and unprocessed food, the annual rate was 1.6%. On a monthly basis, the CPI decreased to -0.4% (0.3% in April and -0.1% in May 2011). The CPI 12-month average rate decreased 0.1 percentage points (p.p.) to 3.4% in May.
In May 2012, the Portuguese Harmonised Index of Consumer Prices (HICP) annual inflation rate decreased to 2.7%, 0.3 p.p. above the rate estimated by Eurostat for the Euro area.