In 2024, the average rate of change of the Portuguese Consumer Price Index (CPI) was 2.4% (4.3% in 2023). Excluding energy and unprocessed food, the average rate of change was 2.5% in 2024 (5.0% in the previous year). The CPI annual rate was relatively stable throughout 2024, with rates varying between 1.9% (recorded in August) and 3.0% (December), contrasting with the significant deceleration observed in the previous year.

The CPI annual rate was 3.0% in December (2.5% in November). The annual core inflation rate, which excludes energy and unprocessed food products components, was 2.8% (2.6% in the previous month). The CPI monthly rate was 0.1% (-0.2% in November and -0.4% in December 2023).

In 2024, the annual average rate of change of the Portuguese Harmonised Index of Consumer Prices (HICP) was2.7% (5.3% in 2023). In December 2024, the HICP annual rate of change was 3.1% (2.7% in the previous month). This rate is 0.7 percentage points (p.p.) above the figure estimated by Eurostat for the Euro area (in November, this difference was 0.5 p.p.).  Excluding energy and unprocessed food products, the Portuguese HICP was 3.0% in December (2.9% in November), above the corresponding rate for the Euro area (estimated at 2.8%).