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, for the third consecutive month, to 8.3% in January 2023 (9.6% in December 2022). The core inflation index, which excludes energy and unprocessed food products components, was 7.0% (7.3% in the previous month). The main contribution to the deceleration of the CPI was given by the index for energy products, where the respective annual rate of change is estimated to have decreased, also for the third consecutive month, to 6.8% (20.8% in December), mainly due to the decrease in prices of electricity. On the opposite side, the estimated rate for unprocessed food increased to 18.5% (17.6% in the previous month).

The CPI monthly rate is estimated to be -0.9% (-0.3% in December and 0.3% in January 2022), while the CPI 12-month average rate was estimated to be 8.2% (7.8% in the previous month). 

The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 8.6% (9.8% in the previous month).

The January CPI final results will be released on February 10th, 2023.