The Consumer Price Index (CPI) annual rate was 2.3% in May 2025 (2.1% in April). The annual core inflation rate, which excludes energy and unprocessed food products was 2.2% (2.1% in the previous month). The annual rate of change for energy products increased to 0.1% (-0.1% in April), and the estimated rate for unprocessed food was 4.0% (3.2% in the previous month).

The CPI monthly rate was 0.3% (0.7% in the previous month and 0.2% in May 2024), while the CPI 12-month average rate was 2.3% (2.4% in April). 

In May 2025, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 1.7% (2.1% in the previous month). This rate is 0.2 percentage points (p.p.) below the rate estimated by Eurostat for the Euro area (in April, this difference was 0.1 p.p.). Excluding energy and unprocessed food products, the Portuguese HICP increased 1.6% in May (2.2% in April), below the corresponding rate for the Euro area (estimated at 2.4%).