The Consumer Price Index (CPI) annual rate was 1.9% in March 2025 (2.4% in February). The annual core inflation rate, which excludes energy and unprocessed food products was 1.9% (2.5% in the previous month). The annual rate of change for energy products decreased to 0.1% (1.5% in February) and the estimated rate for unprocessed food increased to 2.8% (2.4% in the previous month).

The CPI monthly rate was 1.4% (-0.1% in the previous month and 2.0% in March 2024), while the CPI 12-month average rate was 2.4% (2.5% in February). 

In March 2025, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 1.9% (2.5% in the previous month). This rate is 0.3 percentage points (p.p.) below the rate estimated by Eurostat for the Euro area (in February, the Portuguese rate was 0.2 p.p. above the figure for the Euro area). Excluding energy and unprocessed food products, the Portuguese HICP increased 2.0% in March (2.5% in February), below the corresponding rate for the Euro area (estimated at 2.4%).