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 2.6% in July 2025 (2.4% in June). The core inflation index, which excludes energy and unprocessed food products components presented a rate of change of 2.4% (the same value as in the previous month). The annual rate of change of the index for energy products was -1.1% (-1.3% in June), and the estimated index for unprocessed food accelerated again to 6.2% (4.7% in the previous month).

The CPI monthly rate is estimated to be -0.4% (0.1% in June and -0.6% in July 2024), while the CPI 12-month average rate was estimated to be 2.3% (the same value as in the previous month). 

The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 2.5% (2.1% in the previous month). 

The July CPI final results will be released on August 12th, 2025.