SYNTHESIS [email protected], 15-may-2020

May . 15 . 2020 page 3/9 Communication Unit | tel: +351 21 842 61 00 | [email protected] SYNTH SIS IN @ COVID-19 The year-on-year rate of change in the CPI was -0.2% in April 2020 The year-on-year change in the Consumer Price Index (CPI) was -0.2% in April 2020, 0.2 p.p. (percentage points) below the rate of the previous month. The year-on-year rate of change for unprocessed food products rose to 6.5% (3.6 p.p. more than in the previous month) and -9.4% for energy products (-3.7% in March), reflecting reductions in fuel and electricity prices. The underlying inflation indicator (total index excluding unprocessed food and energy products) also recorded a year-on-year rate of change of -0.2% (0.2 p.p. less than in March). -1,0% -0,5% 0,0% 0,5% 1,0% 1,5% 2,0% 2,5% Mar-16 Jun-16 Sept-16 Dec-16 Mar-17 Jun-17 Sept-17 Dec-17 Mar-18 Jun-18 Sept-18 Dec-18 Mar-19 Jun-19 Sept-19 Dec-19 Mar-20 CPI (12-month moving average) Core Inflation (annual rate) CPI (annual rate) Consumer price and core inflation indices (annual rate and 12-month moving average) Considering the Harmonised Index of Consumer Prices (HICP), the most appropriate inflation indicator for comparisons between the different European Union countries, and particularly in the Euro Area, Portugal recorded a year-on-year rate change of -0.1% (0.2 p.p. lower than in the previous month). According to the information available for April 2020, regarding Eurostat’s estimate, the year- on-year rate of change of the Portuguese HICP was 0.5 p.p. lower than that of the Euro Area (+0.4%).