The Consumer Price Index (CPI) maintained its year-on-year growth at 4.9% in October, at levels of February 2023, thus recording three consecutive months with an increase above 4%, according to data released this Friday by the National Institute of Statistics (INE).
The agency explained that fuels and lubricants for personal vehicles pulled prices down in October, compared to the rise they experienced in the same month of 2025, while food and clothing also contributed to lowering the CPI by raising their prices less than in October of last year. However, this trend was offset by tourist packages, whose prices fell less than in October 2025; the gas, which increased its prices more than a year ago; and liquid fuels, which raised their prices compared to the decrease recorded in the same month of the previous year.
The INE includes in the advance data of the CPI a estimate of core inflation (excluding unprocessed food and energy products), which in October remained at 3.1%, 1.8 points below the general index. Thus, core inflation remains at levels of March 2024.
In monthly terms (October over September), the CPI rose by 0.6%, three tenths more than in September. With the increase in October, monthly inflation has accumulated nine consecutive months of rises.
For its part, the harmonised CPI (HICP) cut its year-on-year rate by a tenth in October, to 4.9%, with a monthly variation of 0.5%. The core inflation of the HICP is estimated at 3.1% for the tenth month of the year, according to Statistics. The INE will publish the final data of the CPI for October on 13 November.