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 1.9% in August 2024 (2.5% in July). The core inflation index, which excludes energy and unprocessed food products components was 2.4% (the same rate as in the previous month). The annual rate of change of the index for energy products decreased to -1.4% (4.2% in July), mainly as a combination of the monthly decrease in fuels and lubricants (-2.5%) with the base effect of the increase registered in August 2023 (9.3%). The estimated rate for unprocessed food decreased to 0.8% (2.8% in the previous month), mostly related to the base effect of the increase recorded for fresh fruit in August 2023 (3.9%).

The CPI monthly rate is estimated to be -0.3% (-0.6% in July and 0.3% in August 2023), while the CPI 12-month average rate was estimated to be 2.3% (2.5% in the previous month). 

The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 1.8% (2.7% in the previous month). 

The August CPI final results will be released on September 11th, 2024.