The Consumer Price Index (CPI) annual rate decreased to 3.4% in June 2023 (4.0% in May). This deceleration mainly reflects the base effect related to the price increases in Fuels, registered in June 2022. The annual core inflation rate, which excludes energy and unprocessed food products was 5.3% (5.4% in the previous month). The annual rate of change for energy products decreased to -18.8% (-15.5% in May) and the index for unprocessed food was 8.5% (8.9% in the previous month). 

The CPI monthly rate was 0.3% (-0.7% in May and 0.8% in June 2022), while the CPI 12-month average rate was 7.8% (8.2% in the previous month). 

In June 2023, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 4.7% (5.4% in the previous month). This rate is 0.8 percentage points (p.p.) below the figure estimated by Eurostat for the Euro area (in May, this difference was 0.7 p.p.). Excluding energy and unprocessed food products, the Portuguese HICP was 6.9% in June (7.3% in May), above the corresponding rate for the Euro area (estimated at 6.8%).