The estimated year-on-year change in the Consumer Price Index (CPI) for January is 0.3 percentage points (p.p.) lower than that observed in the previous month, indicates the INE.
Core inflation, which excludes more volatile products such as unprocessed food and energy, was 1.8%, also 0.3 p.p. lower than in the previous month.
According to the statistics office, the change in the index for energy products was -2.2% (-2.4% in December 2025) and the index for unprocessed food products slowed from 6.1% to 5.8%.
As for the Portuguese Harmonized Index of Consumer Prices (HICP), which allows comparisons with other European countries, it is estimated to have registered a year-on-year change of 1.9% (2.4% in December).