The Consumer Price Index (CPI) annual rate decreased, for the fourth consecutive month, to 8.2% in February 2023 (8.4% in January 2022). The annual core inflation rate, which excludes energy and unprocessed food products, increased to 7.2% (7.0% in the previous month). The annual rate of change for energy products decreased to 1.9% (7.1% in January 2023) and the index for unprocessed food was 20.1% (18.5% in the previous month).

The CPI monthly rate was 0.3% (-0.8% in January and 0.4% in February 2022), while the CPI 12-month average rate was 8.6% (8.2% in the previous month). 

In February 2023, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 8.6% (the same value as in the previous month). This rate is 0.1 percentage points (p.p.) above the figure estimated by Eurostat for the Euro area (in January, the Portuguese HICP annual rate was equal to the Euro area). Excluding energy and unprocessed food products, the Portuguese HICP was 8.0% in February (7.8% in January), above the corresponding rate for the Euro area (estimated at 7.4%).