The Consumer Price Index (CPI) annual rate increased to 3.3% in January 2022 (2.7% in December 2021). The annual core inflation rate, which excludes energy and unprocessed food products, also accelerated to 2.4% (1.8% in the previous month). 

The CPI monthly rate was 0.3% (nil in December 2021 and -0.3% in January 2021), while the CPI 12-month average rate was 1.5% (1.3% in the previous month). 

In January 2022, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 3.4% (2.8% in the previous month). This rate is 1.7 percentage points (p.p.) below the figure estimated by Eurostat for the Euro area (in December, the Portuguese rate was 2.2 p.p. below the Euro area). Excluding energy and unprocessed food products, the Portuguese HICP annual rate was 2.5%, equal to the estimated rate for the same indicator in the Euro area.