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CPI annual rate of change decreased to 2.8%
Consumer price index
CPI annual rate of change decreased to 2.8% - June 2024
10 July 2024


The Consumer Price Index (CPI) annual rate was 2.8% in June 2024 (3.1% in May). The annual core inflation rate, which excludes energy and unprocessed food products was 2.4% (2.7% in the previous month). The annual rate of change for energy products increased to 9.4% (7.8% in May) while the annual rate for unprocessed food decreased to 1.8% (2.5% in the previous month).

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

In June 2024, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 3.1% (3.8% in the previous month). This rate is 0.6 percentage points (p.p.) above the rate estimated by Eurostat for the Euro area (in May, the Portuguese rate was 1.2 p.p. above the figure for the Euro area). 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 thar occurred in Lisbon. Excluding energy and unprocessed food products, the Portuguese HICP was 2.7% in June (3.6% in May), below the corresponding rate for the Euro area (estimated at 2.8%).

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