The Consumer Price Index (CPI) annual rate increased to 4.2% in February 2022 (3.3% in January 2022). The annual core inflation rate, which excludes energy and unprocessed food products, also accelerated to 3.2% (2.4% in the previous month). 

The CPI monthly rate was 0.4% (0.3% in January 2022 and -0.5% in February 2021), while the CPI 12-month average rate was 1.8% (1.5% in the previous month). 

In February 2022, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 4.4% (3.4% in the previous month). This rate is 1.4 percentage points (p.p.) below the figure estimated by Eurostat for the Euro area (in January, the Portuguese rate was 1.7 p.p. below the Euro area). Excluding energy and unprocessed food products, the Portuguese HICP increased by 3.4% in February, above the corresponding rate for the Euro area (2.9%).