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 2.5% in July 2024 (2.8% in June). The core inflation index, which excludes energy and unprocessed food products components was 2.4% (the same value as in the previous month). The annual rate of change of the index for energy products decreased to 4.2% (9.4% in June), mainly because of the lower monthly increase in electricity prices (0.3%) when compared to the value registered in July 2023 (15.4%). The estimated rate for unprocessed food increased to 2.8% (1.8% in the previous month).

The CPI monthly rate is estimated to be -0.6% (nil in June and -0.4% in July 2023), while the CPI 12-month average rate was estimated to be 2.5% (the same value as in the previous month). 

The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 2.7% (3.1% in the previous month). 

The July CPI final results will be released on August 12th, 2024.