The Consumer Price Index (CPI) annual rate was 1.9% in August 2024 (2.5% in July). 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 -1.5% (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), partially related to the base effect of the increase recorded for fresh fruit in August 2023 (3.9%).

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

In August 2024, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 1.8% (2.7 % in the previous month). This rate is 0.4 percentage points (p.p.) below the rate estimated by Eurostat for the Euro area (in July, the Portuguese rate was 0.1 p.p. above the Euro area figure). Excluding energy and unprocessed food products, the Portuguese HICP increased 2.3% in August (2.6% in July), below the corresponding rate for the Euro area (estimated at 2.8%).