The Consumer Price Index (CPI) annual rate increased to 9.1% in July 2022 (8.7% in June 2022), the highest rate recorded since November 1992. The annual core inflation rate, which excludes energy and unprocessed food products, also accelerated to 6.2% (6.0% in the previous month). The annual rate of change of the index for energy products decreased to 31.2% (31.7% in June 2022) and the rate for unprocessed food was 13.2% (11.9% in the previous month).
The CPI monthly rate was nil (0.8% in June 2022 and -0.3% in July 2021), while the CPI 12-month average rate was 4.7% (4.1% in the previous month).
In July 2022, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 9.4%, once again the highest recorded value since the start of the HICP in 1996 (9.0% in the previous month). This rate is 0.5 p.p. above the figure estimated by Eurostat for the Euro area (in June, the difference was 0.4 p.p.). Excluding energy and unprocessed food products, the Portuguese HICP increased by 6.9% in July (6.6% in June), above the corresponding rate for the Euro area (estimated at 5.0%).