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CPI annual rate of change estimated at 3.1%
Consumer price index
Flash Estimate
CPI annual rate of change estimated at 3.1% - May 2024
31 May 2024


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 3.1% in May 2024 (2.2% in April). This acceleration mainly reflects the base effect related to the monthly decrease registered in May 2023 (-0.7%), as a consequence of the VAT exemption for several essential food items. The core inflation index, which excludes energy and unprocessed food products components was 2.7% (2.0% in the previous month). The annual rate of change of the index for energy products decreased to 7.8% (7.9% in April) while the estimated rate for unprocessed food increased 2.6% (nil in the previous month).

The CPI monthly rate is estimated to be 0.2% (0.5% in April and -0.7% in May 2023), while the CPI 12-month average rate was estimated to be 2.6% (the same value as in the previous month). 

The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 3.9% (2.3% in the previous month).

The May CPI final results will be released on June 14th, 2024.

Press release
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