Based on the information available until the date of this press release, the Consumer Price Index (CPI) annual rate is estimated to have remained at 2.2% in December 2025. The core inflation index, which excludes energy and unprocessed food products components presented a rate of change of 2.1% (2.0% in the previous month). The annual rate of change of the index for energy products decreased to -2.4% (-0.8% in November), and the estimated index for unprocessed food presented a rate of change of 6.0% (the same value as in the previous month). 

The CPI monthly rate is estimated to be 0.1% (-0.3% in November and 0.1% in December 2024), while the CPI annual average rate was estimated to be 2.3% in 2025 (2.4% in 2024). 

The estimate of the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 2.4% (2.1% in the previous month). 

The December CPI final results will be released on January 13th, 2026.