The Consumer Price Index (CPI) annual rate was 2.5% in July 2024 (2.8% in June). The annual core inflation rate, which excludes energy and unprocessed food products was 2.4% (the same value as in the previous month). The annual rate of change 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 was -0,6% (nil in the previous month and -0.4% in July 2023), while the CPI 12-month average rate was 2.5% (the same value as in June). 

In July 2024, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 2.7% (3.1 % in the previous month). This rate is 0.1 percentage points (p.p.) above the rate estimated by Eurostat for the Euro area (in June, this difference was 0.6 p.p.). Excluding energy and unprocessed food products, the Portuguese HICP increased 2.6% in July (2.7% in June), below the corresponding rate for the Euro area (estimated at 2.8%).