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 1.9% in January 2026 (2.2% in December 2025). The core inflation index, which excludes energy and unprocessed food products components presented a rate of change of 1.8% (2.1% in the previous month). The annual rate of change of the index for energy products was -2.2% (-2.4% in December 2025), and the estimated index for unprocessed food presented a rate of change of 5.8% (6.1% in the previous month). 

The CPI monthly rate is estimated to be -0.7% (0.1% in December 2025 and -0.5% in January 2025), 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 1.9% (2.4% in the previous month). 

The January CPI final results, based on a new series (base 100=2025) and on a new product classification, will be released on February 11th, 2026.