According to the National Statistics Institute (INE), the underlying inflation indicator (total index excluding unprocessed food and energy) also accelerated, registering a year-on-year change of 2.4%, compared with 1.8% in December.

According to the statistical authority, the monthly change in the CPI was 0.3% (null in the previous month and -0.3% in January 2021).

The average change in the last twelve months was 1.5%, compared to 1.3% in December.

The Portuguese Harmonized Index of Consumer Prices (HICP) showed a year-on-year change of 3.4%, 0.6 percentage points higher than the previous month and 1.7 percentage points lower than the value estimated by the European Union Statistics Office (Eurostat) for the Eurozone.

In December, that difference had been 2.2 percentage points, noted the INE.

When excluding unprocessed food and energy products, the HICP in Portugal registered a year-on-year change of 2.5%, which corresponds to a rate equal to that estimated for the same indicator in the Eurozone.

The HICP recorded a monthly change of 0.3% (nil in the previous month and -0.3% in January 2021) and an average change of 1.2% in the last twelve months (0.9% in the previous month).