The average rate of change of the Portuguese Consumer Price Index (CPI) was 0.6% in 2016 (0.5% in 2015). Excluding energy and unprocessed food, the average rate of change was 0.7% in 2016 (the same value as in the previous year).
The CPI annual rate was 0.9% in December 2016, 0.3 percentage points (p.p.) above the previous month. This acceleration of the CPI was mainly determined by the behaviour of the prices of Fuels and lubricants for personal transport equipment. The annual core inflation rate, which excludes energy and unprocessed food products components, was 0.5% (0.4% in November). The CPI monthly rate was nil (-0.5% in November and -0.3% in December 2015).
In 2016, the annual average rate of change of the Portuguese Harmonised Index of Consumer Prices (HICP) was 0.6% (0.5% in 2015). In December 2016, the annual rate of change was 0.9% (0.5% in the previous month), 0.2 p.p. below the rate estimated by Eurostat for the Euro area (in November this difference was 0.1 p.p.).