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CPI annual rate of change increases to 9.3%
Consumer price index
CPI annual rate of change increases to 9.3% - September 2022
13 October 2022


The Consumer Price Index (CPI) annual rate increased to 9.3% in September 2022 (8.9% in August 2022). The annual core inflation rate, which excludes energy and unprocessed food products, accelerated to 6.9% (6.5% in the previous month). The annual rate of change of the index for energy products decreased to 22.2% (24.0% in August 2022) and the rate for unprocessed food was 16.9% (15.4% in the previous month).  

The CPI monthly rate was 1.2% (-0,3% in August 2022 and 0.9% in September 2021), while the CPI 12-month average rate was 6.0% (5.3% in the previous month). 

In September 2022, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 9.8% (9.3% in the previous month). This rate is 0.2 percentage points (p.p.) below the figure estimated by Eurostat for the Euro area (in August, the Portuguese rate was 0.2 p.p. above the Euro area). Excluding energy and unprocessed food products, the Portuguese HICP increased by 7.9% in September (7.3% in August), above the corresponding rate for the Euro area (estimated at 6.1%).

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