Consumer price index rises to 3.3% in January

  • Lusa
  • 10 February 2022

Statistics Portugal (INE) said on Thursday that the year-on-year rate of change of the consumer price index (CPI) rose to 3.3% in January.

The year-on-year rate of change of the consumer price index (CPI) rose to 3.3% in January, up 0.6 percentage points from the previous month, Statistics Portugal (INE) said on Thursday.

In turn, the underlying inflation indicator (total index excluding unprocessed food and energy products) also accelerated, posting a year-on-year change of 2.4%, compared to 1.8% in December.

According to the statistical authority, the monthly variation of the CPI was 0.3% (nil in the previous month and -0.3% in January 2021).

The average variation over the last twelve months was 1.5%, compared to 1.3% in December.

The Portuguese Harmonised Index of Consumer Prices (HICP) registered a year-on-year change of 3.4%, which was 0.6 percentage points higher than in the previous month and 1.7 percentage points lower than the figure estimated by the European Union Statistics Office (Eurostat) for the Euro Zone.

In December, the difference was 2.2 percentage points, INE noted.

When excluding unprocessed food and energy products, the HICP in Portugal posted a year-on-year change of 2.5%, which corresponds to a rate equal to that estimated for the same indicator in the Euro Zone.

The HICP recorded a monthly variation of 0.3% (nil in the previous month and -0.3% in January 2021) and an average variation over the last twelve months of 1.2% (0.9% in the previous month).