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 4.0% in May 2023 (5.7% in April). This deceleration mainly reflects the base effect related to the price increases in electricity, gas and food products, registered in May 2022 and the exemption of VAT for several essential food items. The core inflation index, which excludes energy and unprocessed food products components was 5.5% (6.6% in the previous month). The annual rate of change of the index for energy products is estimated to have decreased to -15.5% (-12.7% in April) and the estimated rate for unprocessed food is 8.9% (14.1% in the previous month). 

The CPI monthly rate is estimated to be -0.7% (0.6% in April and 1.0% in May 2022), while the CPI 12-month average rate was estimated to be 8.2% (8.6% in the previous month). 

The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 5.4% (6.9% in the previous month).

The May CPI final results will be released on June 14th, 2023.