The Consumer Price Index (CPI) annual rate decreased to 8.9% in August 2022 (9.1% in July 2022). The annual core inflation rate, which excludes energy and unprocessed food products, accelerated to 6.5% (6.2% in the previous month). The annual rate of change of the index for energy products decreased to 24.0% (31.2% in July 2022) and the rate for unprocessed food was 15.4% (13.2% in the previous month).  

The CPI monthly rate was -0.3% (nil in July 2022 and -0.2% in August 2021), while the CPI 12-month average rate was 5.3% (4.7% in the previous month). 

In August 2022, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 9.3% (9.4% in the previous month). This rate is 0.2 percentage points (p.p.) above the figure estimated by Eurostat for the Euro area (in July, the difference was 0.5 p.p.). Excluding energy and unprocessed food products, the Portuguese HICP increased by 7.3% in August (6.9% in July), above the corresponding rate for the Euro area (estimated at 5.5%).