The Consumer Price Index (CPI) annual rate was 2.1% in February 2024 (2.3% in January). The annual core inflation rate, which excludes energy and unprocessed food products was 2.1% (2.4% in the previous month). The annual rate of change for energy products increased to 4.3% (0.2% in January) and the index for unprocessed food was 0.8% (3.1% in the previous month), partially due to the base effect related to the monthly increase of 1.4% recorded in February 2023.

The CPI monthly rate was nil (the same value as in the previous month and 0.3% in February 2023), while the CPI 12-month average rate was 3.3% (3.8% in January). 

In February 2024, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 2.3% (2.5% in the previous month). This rate is 0.3 p.p. below the rate estimated by Eurostat for the Euro area (the same difference as in January). Excluding energy and unprocessed food products, the Portuguese HICP was 2.4% in February (2.7% in January), below the corresponding rate for the Euro area (estimated at 3.3%).