Based on the information available until the date of the present press release, the Consumer Price Index (CPI) annual rate is estimated to have decreased to 9.9% in November (10.1% in October). The core inflation index, which excludes energy and unprocessed food products components, was 7.2% (7.1% in the previous month), the highest rate since December 1993. The annual rate of change of the index for energy products is estimated to have decreased to 24.8% (2.8 p.p. lower than in October). The estimated rate for unprocessed food decreased to 18.4% (18.9% in the previous month), while the processed food rate is estimated to have increased to 16.8% (14.1% in October). 

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

The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 10.3% (10.6% in the previous month).

The November CPI final results will be released on December 14th, 2022.