The Consumer Price Index (CPI) annual rate 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 annual core inflation rate, which excludes energy and unprocessed food products was 4.7% (5.3% in the previous month). The annual rate of change for energy products was -14.9% (-18.8% in June) and the index for unprocessed food increased by 6.8% (8.5% in the previous month). 

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

In July 2023, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 4.3% (4.7% in the previous month). This rate is 1.0 percentage points (p.p.) below the figure estimated by Eurostat for the Euro area (in June, this difference was 0.8 p.p.). Excluding energy and unprocessed food products, the Portuguese HICP was 6.2% in July (6.9% in June), below the corresponding rate for the Euro area (estimated at 6.6%).