The Consumer Price Index (CPI) annual rate was 2.4% in June 2025 (2.3% in May). The annual core inflation rate, which excludes energy and unprocessed food products was also 2.4% (2.2% in the previous month). The annual rate of change for energy products decreased to -1.3% (0.1% in May), while the estimated rate for unprocessed food accelerated for the fifth consecutive month, to 4.7% (4.0% in the previous month). 

The CPI monthly rate was 0.1% (0.3% in the previous month and nil in June 2024), while the CPI 12-month average rate was 2.3% (the same value as in May). 

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