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. source: Statistics Portugal

Inflation Rate in Portugal decreased to 3.04 percent in July from 3.22 percent in June of 2026. Inflation Rate in Portugal averaged 6.68 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 August of 2026.

Inflation Rate in Portugal decreased to 3.04 percent in July from 3.22 percent in June of 2026. Inflation Rate in Portugal is expected to be 3.00 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 2.00 percent in 2027 and 2.10 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-07-31 08:30 AM
Inflation Rate YoY Prel
Jul 3% 3.2% 3.6%
2026-08-12 10:00 AM
Inflation Rate YoY Final
Jul 3% 3.2% 3% 3.0%
2026-08-31 10:00 AM
Inflation Rate YoY Prel
Aug 3% 2.9%



Components Last Previous Unit Reference
Energy Inflation 8.67 9.12 percent Jul 2026
Goods Inflation 2.18 2.43 percent Jul 2026
Services Inflation 4.03 4.19 percent Jul 2026

Related Last Previous Unit Reference
CPI 103.24 103.79 points Jul 2026
Core Consumer Prices 102.57 103.31 points Jul 2026
Core Inflation Rate 2.57 2.50 percent Jul 2026
CPI Housing Utilities 103.38 103.31 points Jul 2026
CPI Transportation 105.93 105.43 points Jul 2026
Food Inflation 2.24 2.95 percent Jul 2026
GDP Deflator 128.76 127.36 points Mar 2026
Harmonised Consumer Prices 103.76 104.12 points Jul 2026
Inflation Rate YoY 3.04 3.22 percent Jul 2026
Inflation Rate MoM -0.53 0.06 percent Jul 2026
Producer Prices 122.93 121.92 points Jul 2026
PPI YoY 5.80 5.10 percent Jul 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
3.04 3.22 36.66 -3.74 1949 - 2026 percent Monthly
NSA

News Stream
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
Portugal Inflation Eases to 3.0%, but Core Price Pressures Pick Up
Portugal's annual inflation rate edged down to 3.0% in July 2026, easing for a third consecutive month, according to a preliminary estimate. The slowdown was driven by softer energy inflation, which eased to 8.7% from 9.1%, and slower food price growth, with unprocessed food inflation falling to 3.7% from 5.1%. However, underlying price pressures strengthened, as core inflation, which excludes energy and unprocessed food, rose to 2.6% from 2.5%. Meanwhile, the EU-harmonized inflation rate remained unchanged at 3.1%, hovering near its highest level in two years and staying well above the European Central Bank's 2.0% target.
2026-07-31
Portugal’s Inflation Eases in June, but Price Pressures Broaden
Portugal’s consumer price inflation rate held at 3.2% year-over-year in June 2026, down slightly from the over two-year high of 3.3% in April and May. Energy inflation slowed to 9.1% from 13.1% as crude prices fell from multi-year highs amid US-Iran peace negotiations, while unprocessed food inflation eased to 5.1% from 5.7%. However, services inflation surged to 4.2%, the highest since August 2025, from 3.4%, and core inflation, which excludes energy and unprocessed food, rose to 2.5% from 2.2%, signaling broadening price pressures. The EU-harmonized inflation rate remained at 3.1%, near its two-year peak and well above the ECB’s 2.0% target. Monthly, both national headline and EU-harmonized inflation slowed to 0.1% from 0.2% and 0.4%, respectively.
2026-07-10