The year-on-year variation of the Consumer Price Index (CPI) was 2.2% in November, a rate 0.1 percentage points (p.p.) lower than observed in the previous month, as confirmed by the National Institute of Statistics (INE) on Friday.
The underlying inflation indicator (total index excluding unprocessed food and energy products) recorded a variation of 2.0% (2.1% in October). The variation of the index for energy products was -0.8% (-1.2% in the previous month) and the index for unprocessed food products registered a variation of 6.0% (6.1% in October).
The monthly variation of the CPI was -0.3% (zero in the preceding month and -0.2% in November 2024). The average variation over the last twelve months was 2.4% (identical value in the previous month).
The Portuguese Harmonized Consumer Price Index (HCPI) presented a year-on-year variation of 2.1% (2.0% in the previous month), a rate 0.1 p.p. lower than the value estimated by Eurostat for the Euro area (a difference equal to that recorded in October).
Excluding unprocessed food and energy products, the HCPI in Portugal reached a year-on-year variation of 2.0% in November (1.9% in October), a rate lower than that of the Euro area (estimated at 2.4%).
The HCPI recorded a monthly variation of -0.8% (-0.3% in the previous month and -1.0% in November 2024) and an average variation over the last twelve months of 2.3% (identical value to that of the previous month).
