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CPI annual rate of change decreases to 1.5%
Consumer price index
CPI annual rate of change decreases to 1.5% - November 2023
14 December 2023


The Consumer Price Index (CPI) annual rate was 1.5% in November 2023 (2.1% in October). The main contribution for this deceleration relates to the base effect associated to the significant monthly price increases of food observed in November 2022. The annual core inflation rate, which excludes energy and unprocessed food products was 2.9% (3.5% in the previous month). The annual rate of change for energy products decreased to -12.4% (-12.1% in October) and the index for unprocessed food was 3.5% (4.0% in the previous month). 

The CPI monthly rate was -0.3% (-0.2% in October and 0.3% in November 2022), while the CPI 12-month average rate decreased to 5.0% (5.7% in the previous month). 

In November 2023, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 2.2% (3.2% in the previous month). This rate is 0.2 percentage points (p.p.)  below the rate estimated by Eurostat for the Euro area (in October, the Portuguese rate was 0.3 percentage points (p.p.) above the figure for the Euro area). Excluding energy and unprocessed food products, the Portuguese HICP was 3.6% in November (4.8% in October), below the corresponding rate for the Euro area (estimated at 4.2%).

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