Based on the information available until the date of the present press release, the Consumer Price Index (CPI) annual rate is estimated to have increased to 3.3% in January 2022 (2.7% in December 2021). The core inflation index, which excludes energy and unprocessed food products components, was 2.5% (1.8% in the previous month), with the prices of most CPI categories accelerating. The annual rate of change of the index for energy products is estimated to be 12.0% (11.2% in December) and the estimated rate for unprocessed food is 3.4% (3.2% in the previous month). 

The CPI monthly rate is estimated to be 0.3% (nil in December and -0.3% in January 2021), while the CPI 12-month average rate was estimated to be 1.5% (1.3% in the previous month). 

The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 3.4% (2.8% in the previous month).

The January CPI final results will be released on February 10th, 2022.