In 2023

Inflation rate in the Autonomous Region of Madeira was 5.0%

In 2023, in the Autonomous Region of Madeira (RAM), the 12-month average rate of the Consumer Price Index (CPI) was 5.0%, 2.0 percentage points (p.p.) lower than the previous year (7.0%).

The underlying inflation indicator, measured by the total index excluding non-transformed food products and energy, showed a rate of 5.1%, 0.8 p.p. lower than observed in 2022 (5.9%).

Goods had a rate of 5.1%, and services of 4.7% (8.0% and 5.4% in 2022, respectively).

Only the "Transports" class showed a negative change of -0.1%. All other classes showed positive changes, with highlights for "Food and non-alcoholic beverages" (+11.9%), "Restaurants and Hotels" (+11.1%), and "Accessories, household equipment, and current maintenance of housing" (+5.3%), which recorded the most significant increases.

In the country, the CPI recorded an average rate of change of +4.3%, representing a decrease of 3.5 p.p. compared to the previous year (+7.8%).

Year-over-year, comparing December 2023 with the same month in 2022, the change was +3.3% (+1.4% in the country), up 0.4 p.p. from the previous month (+2.9%).

On a monthly basis, in December 2023, the prices remained unchanged (-0.1% in the previous month). At the national level, this rate was -0.4% (-0.3% in the previous month).

In December 2023, the average value of housing rents per square meter of floor area in the Region showed a monthly change of +0.2% and a year-over-year change of +5.5%. Between 2022 and 2023, housing rents increased by 4.9%.

For more information, please refer to:

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