Portugal’s annual inflation rate accelerated to 3.3% in August 2026, up from 3.0% in July, reaching its highest level since April. The increase was driven primarily by a sharp acceleration in transport prices, which rose 6.4% year-on-year, compared with 4.9% in July, largely reflecting higher fuel costs amid escalating tensions in the Middle East. Additional pressure came from miscellaneous goods and services (4.5% vs 4.1%), financial and insurance services (3.1% vs 2.6%), restaurants and hotels (6.2% vs 6.0%), and housing and utilities (3.3% vs 3.2%). Meanwhile, inflation eased for food and non-alcoholic beverages (2.1% vs 2.2%) and recreation and culture (1.5% vs 2.4%). Core inflation, which excludes volatile components such as energy and unprocessed food, remained unchanged at 2.6%. The EU-harmonized inflation rate accelerated to 3.6%, its highest level since May 2024 and well above the European Central Bank’s 2% inflation target. source: Statistics Portugal

Inflation Rate in Portugal increased to 3.30 percent in August from 3.04 percent in July of 2026. Inflation Rate in Portugal averaged 6.67 percent from 1949 until 2026, reaching an all time high of 36.66 percent in May of 1977 and a record low of -3.74 percent in September of 1954. This page provides - Portugal Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Portugal Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2026.

Inflation Rate in Portugal increased to 3.30 percent in August from 3.04 percent in July of 2026. Inflation Rate in Portugal is expected to be 3.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Portugal Inflation Rate is projected to trend around 2.50 percent in 2027 and 2.30 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-08-31 10:00 AM
Inflation Rate YoY Prel
Aug 3.3% 3% 3.2%
2026-09-10 10:00 AM
Inflation Rate YoY Final
Aug 3.3% 3% 3.3% 3.3%
2026-09-30 10:00 AM
Inflation Rate YoY Prel
Sep 3.3% 3.4%



Components Last Previous Unit Reference
Energy Inflation 12.20 8.67 percent Aug 2026
Goods Inflation 2.65 2.18 percent Aug 2026
Services Inflation 3.95 4.03 percent Aug 2026

Related Last Previous Unit Reference
CPI 103.28 103.24 points Aug 2026
Core Consumer Prices 102.43 102.57 points Aug 2026
Core Inflation Rate 2.64 2.57 percent Aug 2026
CPI Housing Utilities 103.65 103.38 points Aug 2026
CPI Transportation 107.40 105.93 points Aug 2026
Food Inflation 2.14 2.24 percent Aug 2026
GDP Deflator 129.46 129.15 points Jun 2026
Harmonised Consumer Prices 104.07 103.76 points Aug 2026
Inflation Rate YoY 3.30 3.04 percent Aug 2026
Inflation Rate MoM 0.03 -0.53 percent Aug 2026
Producer Prices 123.85 122.83 points Aug 2026
PPI YoY 7.20 5.80 percent Aug 2026


Portugal Inflation Rate
In Portugal, the inflation rate measures a broad rise or fall in prices that consumers pay for a standard basket of goods. The most important categories in Portuguese Consumer Price Index are: Food & Non-alcoholic Beverages (21% of the total weight), Transport (14%), Miscellaneous Goods & Services (10%) and Housing, Water, Electricity, Gas & Other Fuels (10%). Restaurant & Hotels account for 9%, Recreation & Culture for 7%, and Clothing & Footwear for 7%. The index also includes: Health (6%), and Furnishings, Household Equipment & Routine Maintenance of the House (6%). Alcoholic Beverages & Tobacco, Communication and Education account for remaining 9%.
Actual Previous Highest Lowest Dates Unit Frequency
3.30 3.04 36.66 -3.74 1949 - 2026 percent Monthly
NSA

News Stream
Portugal Inflation Accelerates to 3.3% in August
Portugal’s annual inflation rate accelerated to 3.3% in August 2026, up from 3.0% in July, reaching its highest level since April. The increase was driven primarily by a sharp acceleration in transport prices, which rose 6.4% year-on-year, compared with 4.9% in July, largely reflecting higher fuel costs amid escalating tensions in the Middle East. Additional pressure came from miscellaneous goods and services (4.5% vs 4.1%), financial and insurance services (3.1% vs 2.6%), restaurants and hotels (6.2% vs 6.0%), and housing and utilities (3.3% vs 3.2%). Meanwhile, inflation eased for food and non-alcoholic beverages (2.1% vs 2.2%) and recreation and culture (1.5% vs 2.4%). Core inflation, which excludes volatile components such as energy and unprocessed food, remained unchanged at 2.6%. The EU-harmonized inflation rate accelerated to 3.6%, its highest level since May 2024 and well above the European Central Bank’s 2% inflation target.
2026-09-10
Portugal Inflation Rate Accelerates to 3.3%
Portugal’s annual inflation rate edged up to 3.3% in August 2026, from 3.0% in July, according to a preliminary estimate. The acceleration was mainly driven by a sharp increase in fuel prices, while energy inflation rose to 12.2% from 8.7%. Processed food inflation also edged higher to 1.5% from 1.4%. In contrast, inflation for unprocessed food moderated to 3.4% from 3.7%. Core inflation, excluding energy and unprocessed food, increased to 2.7% from 2.6%, remaining close to its highest level in nearly two years. The EU-harmonized inflation rate accelerated to 3.6%, its highest level since May 2024 and well above the ECB’s 2% target.
2026-08-31
Portugal Inflation Rate Eases Further in July
Portugal’s annual inflation rate edged down to 3.0% in July 2026, easing for a third consecutive month and confirming the preliminary estimate. The slowdown was driven mainly by softer energy inflation, which fell to 8.7% from 9.1%. Goods inflation eased to 2.2% from 2.4%, reflecting slower food price growth (2.2% vs 3%), while services inflation declined to 4% from 4.2%, led by lower inflation for housing and utilities (3.2% vs 3.6%), transport (4.9% vs 5.5%), and restaurants and hotels (6% vs 6.2%). The core inflation index, which excludes energy and unprocessed food products components, rose to 2.6% from 2.5%. On a monthly basis, consumer prices fell 0.5% after rising 0.1% in June. Meanwhile, harmonised inflation held at 3.1%, near a two-year high and above the European Central Bank's 2.0% target.
2026-08-12