Based on the information available until the date of this press release, the Consumer Price Index (CPI) annual rate is estimated to have increased to 2.3% in May 2025 (2.1% in April). The core inflation index, which excludes energy and unprocessed food products components also presented a rate of change of 2.3% (2.1% in the previous month). The annual rate of change of the index for energy products increased to 0.1% (-0.1% in April), and the estimated rate for unprocessed food was 4.1% (3.3% in the previous month).

The CPI monthly rate is estimated to be 0.4% (0.7% in April and 0.2% in May 2024), while the CPI 12-month average rate was estimated to be 2.4% (the same value as in the previous month). 

The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 1.7% (2.1% in the previous month). 

The May CPI final results will be released on June 12th, 2025.