The annual inflation rate fell for the second consecutive month in October, standing at 2.3%, according to the flash estimate for the Consumer Price Index (IPC) published this Friday, October 31, by the National Statistics Institute (INE).
In September, the inflation rate stood at 2.4%, the first relief in this indicator after five months of increases.
In October, the underlying inflation indicator – which excludes energy goods or unprocessed food products, as they are more subject to rapid price changes – increased by 0.1 percentage points, to 2.1%.
The rate of change in energy prices was negative at 1.2%. In September, the year-on-year variation of this indicator was 0.3%.
The inflation rate for unprocessed food products remains high, despite a slowdown in October. This set of products, which include raw fruits, vegetables, meat and fish, were, on average, 6.1% more expensive in October than a year ago. In September, the variation had been even greater, 7%.
From September to October – that is, in a chain – INE calculates that the prices of the basket of goods and services analyzed remained, in general, stable. In September, the monthly variation was 0.9%.
The average for the last 12 months will have remained unchanged at 2.4%.
The Portuguese Harmonized Index of Consumer Prices (HICP) – an indicator that allows comparisons between Member States – was estimated at 2%, an increase of 0.1 percentage points compared to September.
The Government foresees, in the State Budget proposal for next year, that the 2025 average for the HIPC will be set at 2.4%.
INE will publish the definitive data for October, with a greater level of detail, on November 12th.
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