The Consumer Price Index (CPI) annual rate was 3.6% in September 2023 (3.7% in August). The annual core inflation rate, which excludes energy and unprocessed food products was 4.1% (4.5% in the previous month). The annual rate of change for energy products was -4.1% (-6.5% in August) and the index for unprocessed food decreased to 6.0% (6.4% in the previous month). 

The CPI monthly rate was 1.1% (0.3% in August and 1.2% in September 2022), while the CPI 12-month average rate decreased to 6.3% (6.8% in the previous month). 

In September 2023, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 4.8% (5.3% in the previous month). This rate is 0.5 percentage points (p.p.)  above the rate estimated by Eurostat for the Euro area (in August, this difference was 0.1 p.p.). Excluding energy and unprocessed food products, the Portuguese HICP was 5.5% in September (6.4% in August), the same as the Euro area estimated rate.