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CPI annual rate of change decreases to 9.9%
Consumer price index
CPI annual rate of change decreases to 9.9% - November 2022
14 December 2022


The Consumer Price Index (CPI) annual rate decreased to 9.9% in November 2022 (10.1% in October 2022). The annual core inflation rate, which excludes energy and unprocessed food products, was 7.2% (7.1% in the previous month). The annual rate of change of the index for energy products decreased to 24.7% (27.6% in October 2022) and the index for unprocessed food was 18.4% (18.9% in the previous month), while the processed food rate has increased to 16.8% (14.1% in October).  

The CPI monthly rate was 0.3% (1.2% in October 2022 and 0.4% in November 2021), while the CPI 12-month average rate was 7.3% (6.7% in the previous month). 

In November 2022, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 10.2% (10.6% in the previous month). This rate is 0.2 percentage points (p.p.) above the figure estimated by Eurostat for the Euro area (in October, the Portuguese rate was the same as the Euro area). Excluding energy and unprocessed food products, the Portuguese HICP increased by 8.1% in November (8.0% in October), above the corresponding rate for the Euro area (estimated at 6.6%).

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