The Consumer Price Index (CPI) annual rate decreased to 2.2% in November 2025 (2.3% in October). The annual core inflation rate, which excludes energy and unprocessed food, presented a rate of change of 2.0% (2.1% in the previous month). The annual rate of change for energy products was -0.8% (-1.2% in October), and the rate for unprocessed food decreased to 6.0% (6.1% in the previous month). 

The CPI monthly rate was -0.3% (nil in the previous month and -0.2% in November 2024), while the CPI 12-month average rate was 2.4% (the same value as in October). 

In November 2025, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 2.1% (2.0% in the previous month). This rate is 0.1 percentage points (p.p.) below the rate estimated by Eurostat for the Euro area (in October, this difference was the same). Excluding energy and unprocessed food products, the Portuguese HICP increased 2.0% in November (1.9% in October), below the corresponding rate for the Euro area (estimated at 2.4%).