The Consumer Price Index (CPI) annual rate was 2.8% in August 2025 (2.6% in July). The annual core inflation rate, which excludes energy and unprocessed food products was 2.4% (2.5% in the previous month). The annual rate of change for energy products was -0.2% (-1.1% in July), while the rate for unprocessed food accelerated for the seventh consecutive month, to 7.0% (6.1% in the previous month). 

The CPI monthly rate was -0.2% (-0.4% in the previous month and -0.3% in August 2024), while the CPI 12-month average rate was 2.4% (2.3% in July). 

In August 2025, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 2.5% (the same value as in the previous month). This rate is 0.4 percentage points (p.p.) above the rate estimated by Eurostat for the Euro area (in July, this difference stood at 0.5 p.p.). Excluding energy and unprocessed food products, the Portuguese HICP increased 2.3% in August (2.4% in July), the same value as the estimated rate for the Euro area.