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CPI annual rate of change increases to 3.7%
Consumer price index
CPI annual rate of change increases to 3.7% - August 2023
12 September 2023


The Consumer Price Index (CPI) annual rate increased to 3.7% in August 2023 (3.1% in July). This acceleration reflects mainly the behaviour of Fuel prices, which contributed with 0.7 percentage points to the annual rate increase. The annual core inflation rate, which excludes energy and unprocessed food products was 4.5% (4.7% in the previous month). The annual rate of change for energy products was -6.5% (-14.9% in July) and the index for unprocessed food decreased to 6.4% (6.8% in the previous month). 

The CPI monthly rate was 0.3% (-0.4% in July and -0.3% in August 2022), while the CPI 12-month average rate decreased to 6.8% (7.3% in the previous month). The 12-month average rate of the CPI excluding housing, reference for the rents update next year, was 6.9% (6.94%) in August.

In August 2023, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 5.3% (4.3% in the previous month). This rate is the same as the Euro area (in July, the Portuguese rate was 1.0 percentage points (p.p.) below the figure estimated by Eurostat for the Euro area). Excluding energy and unprocessed food products, the Portuguese HICP was 6.4% in August (6.2% in July), above the corresponding rate for the Euro area (estimated at 6.2%).

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