The Consumer Price Index (CPI) annual rate was 2.5% in November 2024 (2.3% in October). The annual core inflation rate, which excludes energy and unprocessed food products was 2.6% (the same value as in the previous month). The annual rate of change for energy products increased to 2.1% (-0.2% in October), being the main contribution for the CPI acceleration, and the estimated rate for unprocessed food was 2.0% (2.1% in the previous month).

The CPI monthly rate was -0.2% (0.1% in the previous month and -0.3% in November 2023), while the CPI 12-month average rate was 2.3% (2,2% in October). 

In November 2024, the Portuguese Harmonised Index of Consumer Prices (HICP)  annual rate was 2.7% (2.6% in the previous month). This rate is 0.4 percentage points (p.p.) above the rate estimated by Eurostat for the Euro area (in October this difference was 0.6 p.p.). Excluding energy and unprocessed food products, the Portuguese HICP increased 2.9% in November (3.0% in October), above the corresponding rate for the Euro area (estimated at 2.8%).