Based on the information available until the date of this press release, the Consumer Price Index (CPI) annual rate is estimated to have decreased to 2.2% in November 2025 (2.3% in October). The core inflation index, which excludes energy and unprocessed food products components presented a rate of change of 1.9% (2.1% in the previous month). The annual rate of change of the index for energy products was -0.9% (-1.2% in October), and the estimated index for unprocessed food presented a rate of change of 6.0% (6.1% in the previous month). 

The CPI monthly rate is estimated to be -0.3% (nil in October and -0.2% in November 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 2.1% (2.0% in the previous month). 

The November CPI final results will be released on December 12th, 2025.