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 1.4% in December 2023 (1.5% in November). The main contribution for this deceleration comes from the behaviour of prices of food products, which are estimated to have decreased by 0,6% compared to November. The core inflation index, which excludes energy and unprocessed food products components, decreased to 2.6% (2.9% in the previous month). The estimated annual rate of change of the index for energy products was -10.5% (-12.4% in November) and the rate for unprocessed food was 2.0% (3.5% in the previous month).

The CPI monthly rate is estimated to be -0.5% (-0.3% in November 2023 and in December 2022).

The CPI 12-month average rate is estimated to be 4.3% (5.0% in the previous month), which compares to the average rate of 7.8% observed in 2022. 

The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 1.8% (2.2% in the previous month).

The December CPI final results will be released on January 11th, 2024.