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 7.4% in March 2023 (8.2% in February). This deceleration mainly reflects the base effect related to the price increases in fuels and food products, registered in March 2022. The core inflation index, which excludes energy and unprocessed food products components was 7.0% (7.2% in the previous month). The annual rate of change of the index for energy products is estimated to have decreased in March, moving from 1.9% in February to -4.4% and the estimated rate for unprocessed food is 19.3% (20.1% in the previous month). 

The CPI monthly rate is estimated to be 1.7% (0.3% in February and 2.5% in March 2022), while the CPI 12-month average rate was estimated to be 8.7% (8.6% in the previous month). 

The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 8.0% (8.6% in the previous month).

The March CPI final results will be released on April 13th, 2023.