Based on the information available until the date of this press release, the Consumer Price Index (CPI) annual rate is estimated to have decreased to 5.7% in April 2023 (7.4% in March). This deceleration mainly reflects the base effect related to the price increases in electricity, gas and food products, registered in April 2022. The core inflation index, which excludes energy and unprocessed food products components was 6.6% (7.0% in the previous month). The annual rate of change of the index for energy products is estimated to have decreased to -12.7% (-4.4% in March) and the estimated rate for unprocessed food is 14.1% (19.3% in the previous month). It is important to mention that the large majority of prices were collected prior to the entry into force of the exemption of several essential food items from VAT. Thus, the impacts of this legislative measure on the CPI will only occur in May.

The CPI monthly rate is estimated to be 0.6% (1.7% in March and 2.2% in April 2022), while the CPI 12-month average rate was estimated to be 8.6% (8.7% in the previous month). 

The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 6.9% (8.0% in the previous month).

The April CPI final results will be released on May 11th, 2023.