Year-on-year inflation rate estimated at 0.3% in January – INE

The year-on-year rate of change in the Consumer Price Index (CPI) was 0.3% in January, 0.5 percentage points higher than in December 2020, according to the quick estimate released by National Statistical Institute (INE) on Friday.

According to INE, the underlying inflation indicator (total index excluding unprocessed food and energy) is said to have changed by 0.5%, compared to -0.1% in the previous month.

The year-on-year rate of change in the energy index was -4.4%, compared with -4.9% in the previous month, while the unprocessed food index was 1.8% (2.6% in December), it said.

Compared with the previous month, the CPI will have changed by -0.3% (in December, the monthly change was -0.1% and in January 2020 it was -0.8%).

The INE estimates an average change over the last 12 months of -0.1%, 0.1 percentage points lower than in the previous month.

The Portuguese Harmonised Index of Consumer Prices (HICP), in turn, is estimated to have recorded a year-on-year change of 0.2% in January (-0.3% in the previous month).

The final CPI figures for January will be published on February 10, and the February flash estimate will be released on February 26.