The CPI annual rate moved from 0.9% in December 2016 to 1.3% in January 2017, mainly reflecting the acceleration of the prices of fuels. The annual core inflation rate, which excludes energy and unprocessed food products components, was 0.5% (the same value as in the previous month).
The CPI monthly rate was -0.6% (nil in the previous month and -1.0% in January 2016), while the CPI 12-month average was 0.7%.
In January 2017, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 1.3% (0.9% in the previous month), 0.5 percentage points (p.p.) below the rate estimated by Eurostat for the Euro area (in December, the Portuguese HICP annual rate of change was 0.2 p.p. below the rate of the Euro area).