The Consumer Price Index (CPI) annual rate was 2.5% in January 2025 (3.0% in December). This deacceleration is partially due to the base effect related to the end of the VAT exemption for several essential food items and the increase in electricity prices, recorded in January 2024. The annual core inflation rate, which excludes energy and unprocessed food products was 2.7% (2.8% in the previous month). The annual rate of change for energy products decreased to 2.4% (4.9% in December), reflecting the mentioned base effect in prices of electricity, and the estimated rate for unprocessed food was 1.8% (3.4% in the previous month).

The CPI monthly rate was -0.5% (0.1% in the previous month and nil in January 2024), while the CPI 12-month average rate was 2.4% (the same value as in December). 

In January 2024, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 2.7% (3.1% in the previous month). This rate is 0.2 percentage points (p.p.) above the rate estimated by Eurostat for the Euro area (in December this difference was 0.7 p.p.). Excluding energy and unprocessed food products, the Portuguese HICP increased 2.8% in January (3.0% in December), above the corresponding rate for the Euro area (estimated at 2.7%).