In October 2023

Average twelve-month change rate of the Consumer Price Index decreased to 5.8%

In October 2023, the 12-month average change rate of the Consumer Price Index (CPI) in the Autonomous Region of Madeira stood at +5.8%, a decrease of 0.4 percentage points (pp) compared to the previous month. The underlying inflation indicator, excluding non-transformed food products and energy, exhibited a rate of +5.7%, declining by 0.3 pp from the previous month. Goods experienced an average change of +6.5%, while services had a rate of +4.7%.

All product classes observed increases in this indicator, notably in "food and non-alcoholic beverages" (+14.1%), "restaurants and hotels" (+11.7%), and "accessories, household equipment, and current maintenance of housing" (+6.7%). Conversely, with marginal growth, "alcoholic beverages and tobacco" (+0.2%) and "transportation" (+0.4%) were noted.

On a national scale, the CPI recorded a 12-month average change rate of +5.7%, representing a decrease of 0.6 pp compared to the previous month (+6.3%).

Year-on-year, comparing October 2023 with the same month in 2022, the price change in the Region was +3.6%, a decrease of 0.3 pp compared to the previous month (+3.9%). Nationally, the year-on-year change rate in October 2023 was +2.1%, a decrease of 1.5 pp from the previous month (+3.6%).

The monthly change in the CPI in October 2023 was -0.9% in the Autonomous Region of Madeira (-0.2% nationally), representing a reduction of 1.5 pp compared to the previous month.

In October 2023, the average value of housing rents per square meter of floor area in the Region showed a monthly change of +0.6% and +5.6% compared to October of the previous year.

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