The Consumer Price Index (CPI) annual rate increased to 2.6% in November 2021 (1.8% in October). The annual core inflation rate, which excludes energy and unprocessed food products, also accelerated to 1.7% (1.1% in the previous month). 

The CPI monthly rate was 0.4% (0.5% in October and -0.3% in November 2020), while the CPI 12-month average rate was 1.0% (0.8% in the previous month). 

In November 2021, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 2.6% (1.8% in the previous month). This rate is 2.3 percentage points (p.p.) below the figure estimated by Eurostat for the Euro area (in October, the Portuguese rate was also 2.3 p.p. below the Euro area).