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 9.1% in July (8.7% in June). This is the highest value recorded since November 1992. The core inflation index, which excludes energy and unprocessed food products components, was 6.2% (6.0% in the previous month), the highest rate since April 1994. The annual rate of change of the index for energy products is estimated to be 31.2% (0.5 p.p. lower than in the previous month), and the estimated rate for unprocessed food is 13.2% (11.9% in the previous month). 

The CPI monthly rate is estimated to be nil (0.8% in June and -0.3% in July 2021), while the CPI 12-month average rate was estimated to be 4.7% (4.1% in the previous month). 

The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 9.4% (9.0% in the previous month).

The July CPI final results will be released on August 10th, 2022.