The Consumer Price Index (CPI) annual rate was 2.1% in October 2023 (3.6% in September). The main contribution for this deceleration relates to the base effect associated to the monthly price increases of food and energy (mainly natural gas) observed in October 2022. The annual core inflation rate, which excludes energy and unprocessed food products was 3.5% (4.1% in the previous month). The annual rate of change for energy products decreased to -12.1% (-4.1% in September) and the index for unprocessed food was 4.0% (6.0% in the previous month). 

The CPI monthly rate was -0.2% (1.1% in September and 1.2% in October 2022), while the CPI 12-month average rate decreased to 5.7% (6.3% in the previous month). 

In October 2023, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 3.2% (4.8% in the previous month). This rate is 0.3 percentage points (p.p.)  above the rate estimated by Eurostat for the Euro area (in September, this difference was 0.5 p.p.). Excluding energy and unprocessed food products, the Portuguese HICP was 4.8% in October (5.5% in September), below the corresponding rate for the Euro area (estimated at 5.0%).