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CPI annual rate of change estimated at 9.3%
Consumer price index
Flash Estimate
CPI annual rate of change estimated at 9.3% - September 2022
30 September 2022


ased 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 9.3% in September (8.9% in August), the highest rate recorded since October 1992. The core inflation index, which excludes energy and unprocessed food products components, was 6.9% (6.5% in the previous month), the highest rate since February 1994. The annual rate of change of the index for energy products is estimated to be 22.2% (1.8 p.p. lower than in the previous month), and the estimated rate for unprocessed food is 16.9% (15.4% in the previous month), the highest value since July 1990. 

The CPI monthly rate is estimated to be 1.2% (-0.3% in August and 0.9% in September 2021), while the CPI 12-month average rate was estimated to be 6.0% (5.3% in the previous month). 

The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 9.8% (9.3% in the previous month).

The September CPI final results will be released on October 13th, 2022.

Press release
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