Based on the information available until the date of this press release, the Consumer Price Index (CPI) annual rate is estimated to have increased to 2.3% in January 2024 (1.4% in December). This acceleration mainly reflects the price increases in electricity and the ending of the VAT exemption for several essential food items. The core inflation index, which excludes energy and unprocessed food products components was 2.5% (2.6% in the previous month). The annual rate of change of the index for energy products increased to 0.2% (-10.5% in December) and the estimated rate for unprocessed food was 3.2% (2.0% in the previous month).

The CPI monthly rate is estimated to be nil (-0.4% in December and -0.9% in January 2023), while the CPI 12-month average rate was estimated to be 3.8% (4.3% in the previous month). 

The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 2.6% (1.9% in the previous month).

The January CPI final results will be released on February 12th, 2024.