The acceleration of the CPI is largely attributed to the increase in fuel prices. The core inflation indicator, which excludes unprocessed food and energy products, registered an annual variation of 2.7%, a slight increase from 2.6% in August. The index for energy products rose significantly to 15.3%, compared to 12.2% in the previous month, while the index for unprocessed food products showed a variation of 3.7%, up from 3.4% in August.
The monthly variation of the CPI was 1.2%, contrasting with a null variation in the preceding month and the 0.9% recorded in September 2025. The average variation over the last twelve months stood at 2.8%, slightly above the 2.7% of the previous month.
The Portuguese Harmonised Index of Consumer Prices (HICP) showed an annual variation of 3.6% in September, maintaining the previous month's rate and being 0.2 percentage points below the value estimated by Eurostat for the Euro area. In August, the annual variation rate of the Portuguese HICP had been 0.4 p.p. higher than that of the Euro area.
Excluding unprocessed food and energy products, the HICP in Portugal reached an annual variation of 2.7% in September, compared to 2.9% in August, a rate higher than that of the Euro area, estimated at 2.2%. The HICP recorded a monthly variation of 1.0% and an average twelve-month variation of 2.8%.
