The CPI annual rate moved from 0.4% in April to 1.0% in May 2018. The annual core inflation rate, which excludes energy and unprocessed food products components, was 0.6% (0.2% in the previous month). The acceleration of the CPI reflects the dissipation of the base effect related to the Easter period, which occurred in April 2017 and mentioned in the previous press release, as well as the recent increase in fuel prices.
The CPI monthly rate was 0.4% (0.7% in the previous month and -0.2% in May 2017), while the CPI 12-month average was 1.0% (1.1% in the previous month).
In May 2018, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 1.4% (0.3% in the previous month), 0.5 percentage points (p.p.) below the rate estimated by Eurostat for the Euro area (in April this difference was 0.9 p.p.).