The CPI 12-month average rate of change decreased from 1.4% in June to 1.3% in July. The core inflation index, which excludes unprocessed food and energy, was 0.6% (0.7% in June 2013).
The HICP 12-month average rate decreased from 1.6% in June to 1.4% in July. In June 2013 the Portuguese HICP 12-month average rate was 0.4 percentage points (p.p.) lower than the rate observed for the Euro-area. In July, the gap between the Portuguese HICP 12-month average rate and Eurostat's flash estimate for the whole area  should increase 0.2 p.p..