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 3.1% in July 2023 (3.4% in June). This deceleration is partially associated to a decrease in prices of Food and non-alcoholic beverages. The core inflation index, which excludes energy and unprocessed food products components was 4.7% (5.3% in the previous month). The annual rate of change of the index for energy products is estimated at -15.0% (-18.8% in June) and the estimated rate for unprocessed food is 6.9% (8.5% in the previous month). 

The CPI monthly rate is estimated to be -0.4% (0.3% in June and zero in July 2022), while the CPI 12-month average rate was estimated to be 7.3% (7.8% in the previous month). 

The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 4.3% (4.7% in the previous month).

The July CPI final results will be released on August 10th, 2023.