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 9.6% in December (9.9% in November). The core inflation index, which excludes energy and unprocessed food products components, was 7.3% (7.2% 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 20.9% (24.7% in November). The estimated rate for unprocessed food is 17.6% (18.4% in the previous month), while the processed food rate is estimated to have increased to 17.5% (16.8% in November). 

The CPI monthly rate is estimated to be -0.3% (0.3% in November and nil in December 2021), while the CPI 12-month average rate was estimated to be 7.8% (7.3% in the previous month). 

The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 9.8% (10.2% in the previous month).

The December CPI final results will be released on January 11th, 2023.