The Consumer Price Index (CPI) annual rate decreased, for the third consecutive month, to 8.4% in January 2023 (9.6% in December 2022). The annual core inflation rate, which excludes energy and unprocessed food products, 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 7.1% (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 was -0.8% (-0.3% in December 2022 and 0.3% in January 2022), while the CPI 12-month average rate was 8.2% (7.8% in the previous month). 

In January 2023, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 8.6% (9.8% in the previous month). This rate is 0.1 percentage points (p.p.) above the figure estimated by Eurostat for the Euro area (in December, this difference was 0.6 p.p.). Excluding energy and unprocessed food products, the Portuguese HICP decreased to 7.8% in January (8.0% in December), above the corresponding rate for the Euro area (estimated at 7.0%).