In 2021, the average rate of change of the Portuguese Consumer Price Index (CPI) was 1.3% (nil in 2020). Excluding energy and unprocessed food, the average rate of change was 0.8% in 2021 (nil in the previous year). The rate of change on a year earlier of total CPI presented a pronounced upward trend during 2021, in particular in the second half of the year where the rates of change were always above the annual average rate.

The CPI annual rate was 2.7% in December (2.6% in November). Compared to the flash estimate published on January 3rd, there was a downwards revision by 0.02 percentage points, leading to a revision of the CPI rate of change on a year earlier in December from 2.8% to 2.7% due to rounding procedures. The annual core inflation rate, which excludes energy and unprocessed food products components, was 1.8% (1.7% in the previous month). The CPI monthly rate was nil (0.4% in November and -0.1% in December 2020).

In 2021, the annual average rate of change of the Portuguese Harmonised Index of Consumer Prices (HICP) was

0.9% (-0.1% in 2020). In December 2021, the HICP annual rate of change was 2.8% (2.6% in the previous month). This rate is 2.2 percentage points (p.p.) below the figure estimated by Eurostat for the Euro area (in November, this difference was 2.3 p.p.).