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 2.8% in June 2024 (3.1% in May). The core inflation index, which excludes energy and unprocessed food products components was 2.3% (2.7% in the previous month). The annual rate of change of the index for energy products increased to 9.4% (7.8% in May) while the estimated rate for unprocessed food decreased to 2.0% (2.5% in the previous month).

The CPI monthly rate is estimated to be nil (0.2% in May and 0.3% in June 2023), while the CPI 12-month average rate was estimated to be 2.5% (2.6% in the previous month). 

The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 3.1% (3.8% in the previous month). This deceleration is mainly due to a decrease in hotel prices, for which the acceleration recorded in May was essentially due a major cultural event that occurred in Lisbon.

The June CPI final results will be released on July 10th, 2024.