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 1.6% 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 core inflation index, which excludes energy and unprocessed food products components was 2.9% (3.5% in the previous month). The annual rate of change of the index for energy products decreased to -12.4% (-12.0% in October) and the estimated rate for unprocessed food was 3.5% (4.0% in the previous month).

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

The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 2.3% (3.2% in the previous month).

The November CPI final results will be released on December 14th, 2023.