In May 2023

Consumer Prices Index 12-month average rate in the Autonomous Region of Madeira started to show a downward trend

In May 2023, after 27 consecutive months of growth, the Consumer Prices Index 12-month average rate in the Autonomous Region of Madeira was +7.8%, which is 0.3 percentage points (pp) lower than the previous month. The underlying inflation indicator, measured by the total index excluding unprocessed food and energy products, had a rate of +7.2%, which is 0.1 pp lower than the previous month.

Goods recorded a rate of +8.7%, while services had a rate of +6.3%.

All classes of the CPI showed positive changes, with "Restaurants and Hotels" (+18.0%), "Food products and non-alcoholic beverages" (+15.6%), and "Accessories, household equipment, current maintenance of housing" (+8.4%) experiencing the most significant increases. The class of "Alcoholic beverages and tobacco" (+0.4%) had the lowest growth.

In the country, the CPI registered an average rate of change of +8.2%, which is 0.4 pp lower than the previous month's figure (+8.6%).

The analysis of the year-on-year change rate of the CPI for the reference month in the ARM confirms the slowdown in price growth observed since March. In year-on-year terms, comparing May 2023 with the same month of 2022, the price change in the Region was +4.4% (+4.0% in the country), a decrease of 2.2 pp compared to the previous month, representing the lowest value since March 2022.

On the other hand, the change of the CPI in May 2023 compared to the previous month was -0.7% (the same rate as in the country), which is 2.2 pp lower than the previous month's figure. This is the first time this year that the monthly change rate of the CPI is negative.

In May 2023, the average value of housing rents per square meter of floor area in the Region had a change of +0.3% compared to the previous month and +5.0% compared to the same month last year.

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