The Consumer Price Index (CPI) annual rate was 2.3% in October 2024 (2.1% in September). The annual core inflation rate, which excludes energy and unprocessed food products was 2.6% (2.8% in the previous month). The annual rate of change for energy products was -0.2% (-3.5% in September), mainly as a result of a monthly increase in prices (1.3%) combined with the base effect of the decrease registered in October 2023 (-2.1%). The estimated rate for unprocessed food was 2.1% (0.9% in the previous month).

The CPI monthly rate was 0.1% (1.3% in the previous month and -0.2% in October 2023), while the CPI 12-month average rate was 2.2% (the same value as in September). 

In October 2024, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 2.6% (the same value as in the previous month). This rate is 0.6 percentage points (p.p.) above the rate estimated by Eurostat for the Euro area (in September this difference was 0.9 p.p.). Excluding energy and unprocessed food products, the Portuguese HICP increased 3.0% in October (3.3% in September), above the corresponding rate for the Euro area (estimated at 2.7%).