In June 2023

12-month average rate of the Consumer Prices Index continued to decline, reinforcing the downward trend

In June 2023,  the 12-month average change rate of the Consumer Price Index (CPI) in the Autonomous Region of Madeira (ARM) was +7.3%, which represents a decrease of 0.5 percentage points (pp) compared to the previous month. The underlying inflation indicator, measured by the total index excluding unprocessed food and energy products, had a rate of +7.0%, decreasing by 0.2 pp compared to the previous month.

Goods recorded a rate of +8.2%, while services showed a rate of +6.0%.

All classes of the CPI experienced positive changes, with the "Restaurant and Hotels" (+16.9%), "Food and Non-Alcoholic Beverages" (+15.5%) and "Accessories, Household Equipment, Current Housing Maintenance" (+8.1%) classes registering the most significant increases. The class of "Alcoholic Beverages and Tobacco" (+0.3%) had the lowest growth.

In the country as a whole, the CPI recorded an average change rate of +7.8%, representing a decrease of 0.4 pp compared to the previous month (+8.2%).

The year-on-year change rate of the CPI in the reference month in the ARM confirms a deceleration in price growth since March. Comparing June 2023 with the same month in 2022, the price change in the Region was +3.8% (+3.4% in the country), representing a decrease of 0.6 pp compared to the previous month and the lowest value since March 2022.

On the other hand, the change of the CPI in June 2023 compared to the previous month was +0.5% (+0.3% in the country), which is higher by 1.2 pp than the previous month.

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

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