The CPI annual rate moved from 0.7% in March to 0.4% in April 2018. The annual core inflation rate, which excludes energy and unprocessed food products components, was 0.2% (0.8% in the previous month). The deceleration of the CPI reflects, to some extent, a base effect due to significant increase in the prices of some products in April 2017 in the Easter period, in particular Restaurants and Hotels and Transportation.
The CPI monthly rate was 0.7% (1.9% in the previous month and 1.0% in April 2017), while the CPI
12-month average was 1.1% (1.2% in the previous month).
In April 2018, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate of change was 0.3% (0.8% in the previous month), 0.9 percentage points (p.p.) below the rate estimated by Eurostat for the Euro area (in March this difference was 0.5 p.p.).