The Consumer Price Index (CPI) annual rate was 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, and, to a lesser extent, the acceleration in the prices of hotels. The annual core inflation rate, which excludes energy and unprocessed food products was 2.7% (2.0% in the previous month). The annual rate of change for energy products was 7.8% (7.9% in April) and the annual rate for unprocessed food increased to 2.5% (nil in the previous month).

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

In May 2024, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 3.8% (2.3% in the previous month). This rate is 1.2 percentage points (p.p.) above the rate estimated by Eurostat for the Euro area (in April, the Portuguese rate was 0.1 p.p. below the figure for the Euro area). Excluding energy and unprocessed food products, the Portuguese HICP was 3.6% in May (2.1% in April), above the corresponding rate for the Euro area (estimated at 2.9%).