Based on the information available until the date of this press release, the Consumer Price Index (CPI) annual rate is estimated to have increased to 3.1% in May 2024 (2.2% in April). This acceleration mainly reflects the base effect related to the monthly decrease registered in May 2023 (-0.7%), as a consequence of the VAT exemption for several essential food items. The core inflation index, which excludes energy and unprocessed food products components was 2.7% (2.0% in the previous month). The annual rate of change of the index for energy products decreased to 7.8% (7.9% in April) while the estimated rate for unprocessed food increased 2.6% (nil in the previous month).

The CPI monthly rate is estimated to be 0.2% (0.5% in April and -0.7% in May 2023), while the CPI 12-month average rate was estimated to be 2.6% (the same value as in the previous month). 

The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 3.9% (2.3% in the previous month).

The May CPI final results will be released on June 14th, 2024.