The CPI annual rate moved from 2.0% in April to 1.5% in May 2017. The annual core inflation rate, which excludes energy and unprocessed food products components, was 1.2% (1.7% in the previous month). The deceleration of the CPI was mainly determined by the behaviour of prices of Transports.
The CPI monthly rate was -0.2% (1.0% in the previous month and 0.3% in May 2016), while the CPI 12-month average rate was 1.0% (0.9% in the previous month).
In May 2017, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 1.7% (2.4% in the previous month), 0.3 percentage points (p.p.) above the rate estimated by Eurostat for the Euro area (in April, this difference was 0.5 p.p.).