In 2025, the average rate of change of the Portuguese Consumer Price Index (CPI) was 2.3% (2.4% in 2024). Excluding energy and unprocessed food, the average rate of change was 2.2% in 2025 (2.5% in the previous year). The CPI annual rate was relatively stable throughout 2025, presenting values very close to the average rate in both semesters, 2.4% in the first semester and 2.2% in the second half of the year. 

The CPI annual rate was 2.2% in December (the same value as in November). The annual core inflation rate, which excludes energy and unprocessed food products components, was 2.1% (2.0% in the previous month). The CPI monthly rate was 0.1% (-0.3% in November and 0.1% in December 2024).

In 2025, the annual average rate of change of the Portuguese Harmonised Index of Consumer Prices (HICP) was 2.2% (2.7% in 2024). 

In December 2025, the HICP annual rate of change was 2.4% (2.1% in the previous month). This rate is 0.4 percentage points (p.p.) above the figure estimated by Eurostat for the Euro area (in November, the Portuguese HICP annual rate was equal to the Euro area). Excluding energy and unprocessed food products, the Portuguese HICP was 2.5% in December (2.0% in November), above the corresponding rate for the Euro area (estimated at 2.3%).