The inflation rate will have decreased to 1,4% in December, 0,1 percentage points less than in November, setting the average variation for 2023 at 4,3%, according to the quick estimate released today by INE.
In a statement, the National Statistics Institute (INE) states that “the main contribution” to the slowdown in the Consumer Price Index (IPC) recorded in December “comes from the behavior of food prices, which will have decreased by 0,6% compared to the previous month”.
The underlying inflation indicator (total index excluding unprocessed food and energy products) recorded a variation of 2,6% in December (compared to 2,9% in the previous month).
The variation in the index for energy products stood at -10,5% (-12,4% in the previous month), while the index for unprocessed food products decelerated to 2,0% (3,5% in November).
Compared to the previous month, the IPC variation was -0,5% (-0,3% in November and December 2022).
In the last 12 months, INE estimates an average variation of 4,3% (5,0% in the previous month), which compares to the average variation of 7,8% in 2022.
In December, the Portuguese Harmonized Consumer Price Index (HIPC) recorded a year-on-year variation of 1,8%, compared to 2,2% in the previous month.
The definitive data relating to the CPI for the month of December 2023 will be published on January 11th.
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