Portugal - Consumer Price Index (CPI)

For Portugal, a detailed consumer price index (CPI) conforming to EU principles, monthly from 2024. The CPI shows how the prices of a certain basket of goods and services bought by a typical consumer change over time. The consumption pattern and the content of the CPI basket are derived from the Household Budget Survey; they are updated annually with recent information on prices and quantities.

Active:

• Product classification: ECOICOP v2, aligned with UN COICOP 2018
• Measurement: Fixed-base index relative to 2025 (Index 2025=100)
• Adjustment: Not seasonally adjusted (NSA)
• Native frequency: Monthly
• Start date: Uniformly 2024m12

Predecessors:

• COICOP 1999, 2012=100 - 2011m1 to 2025m12
• 2008=100 - 2008m1 to 2012m12 ("08")
• 2002=100 - 1997m1 to 2008m12 ("02")
• 1997=100 - 1900m4 to 2002m12 ("97")

Global concept alias(es):

• CPI

The Consumer Price Index (CPI) is an indicator showing how the prices of a certain basket of goods and services bought by a “typical” consumer change over time. The CPI has been designed to capture price changes and not to measure price levels. Both the consumption pattern and the goods and services included in the CPI basket were derived from the year 2000 Household Budget Survey and are updated annually with the most recent information on prices and quantities. 

The CPI is compiled through the aggregation of seven regional price indexes and the goods and services included in the index are grouped according to the COICOP classification.

Monthly rate the change in the index of a month compared with that of the previous month expressed as a percentage.

A 12-month average rate is the change in the average index of one year compared with the average index of the previous year expressed as a percentage.

Core inflation index is compiled by excluding prices of unprocessed foods and energy products from the CPI. The primary objective is to capture the underlying inflation pressures in the economy.

Moody's Analytics supplements

For the all-items index, we back-extend (1957m1 to 2024m11) using predecessor(s). We construct a seasonally adjusted counterpart using X-13ARIMA-SEATS.

Further reading

At Eurostat:

• Harmonised indices of consumer prices (HICP) » Overview

At IMF (SDDS Plus):

• Price index: consumer prices (Jan 2026)

• Sep 2005 - Initial version.
• Feb 2009 - Rebased to 2008.
• Feb 2013 - Rebased to 2012.
• 17 Feb 2026, Phillip Thorne - Reclassified, rebased to 2025: Description, Properties, Moody's Analytics supplements, Further reading.