According to the National Institute of Statistics (INE): “This acceleration is partly explained by the increase in electricity prices and the end of VAT exemption on a number of essential food items”, estimating that the impact of the end of VAT Zero on the variation in the Consumer Price Index (CPI) total was 0.7 percentage points.

Rounded to one decimal place, the IPC variation rate presented today by INE confirms the value of the quick estimate released on January 31st.

The underlying inflation indicator (total index excluding unprocessed food and energy products) recorded a variation of 2.4% in January (2.6% in December).

In the month under review, the variation in the index for energy products increased to 0.2% (-10.5% in the previous month) and the index for unprocessed food products accelerated to 3.1% (2.0% in the previous month).