Portugal’s annual inflation rate edged down to 1.9% in January 2026, from 2.2% in December 2025, marking its lowest level since March, according to preliminary estimates. The slowdown was driven by softer food price pressures and continued energy deflation. Unprocessed food inflation cooled slightly to 5.8% (from 6.1%), while processed food inflation eased to 0.8% (from 1.0%). Energy prices remained in decline at -2.2% (vs -2.4%). Core inflation, excluding energy and unprocessed food, also moderated to 1.8%, down from 2.1%, pointing to broader disinflationary momentum. Meanwhile, the EU-harmonized HICP slipped to 1.9% from 2.4%, leaving inflation just below the ECB’s 2% target. source: Statistics Portugal

Inflation Rate in Portugal decreased to 1.90 percent in January from 2.20 percent in December of 2025. Inflation Rate in Portugal averaged 7.92 percent from 1961 until 2026, reaching an all time high of 53.90 percent in May of 1977 and a record low of -1.66 percent in September of 2009. 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 February of 2026.

Inflation Rate in Portugal decreased to 1.90 percent in January from 2.20 percent in December of 2025. Inflation Rate in Portugal is expected to be 1.90 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 1.90 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-01-30 11:00 AM
Inflation Rate YoY Prel
Jan 1.9% 2.2% 2.2%
2026-02-11 11:00 AM
Inflation Rate YoY Final
Jan 1.9% 2.2% 1.9% 1.9%
2026-02-27 11:00 AM
Inflation Rate YoY Prel
Feb 1.9% 1.9%


Related Last Previous Unit Reference
CPI 100.00 100.71 points Jan 2026
Core Consumer Prices 99.73 100.62 points Jan 2026
Core Inflation Rate 1.76 2.05 percent Jan 2026
CPI Housing Utilities 101.41 100.66 points Jan 2026
CPI Transportation 99.37 100.50 points Jan 2026
Food Inflation 3.20 3.50 percent Jan 2026
GDP Deflator 127.02 125.12 points Sep 2025
Harmonised Consumer Prices 99.20 100.26 points Jan 2026
Inflation Rate YoY Prel 1.90 2.20 percent Jan 2026
Inflation Rate MoM Prel -0.70 0.10 percent Jan 2026
Producer Prices 115.67 115.24 points Dec 2025
PPI YoY -3.20 -3.30 percent Dec 2025


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
1.90 2.20 53.90 -1.66 1961 - 2026 percent Monthly
2012=100

News Stream
Portugal Inflation Slips to 1.9% in January
Portugal’s annual inflation rate edged down to 1.9% in January 2026, from 2.2% in December 2025, marking its lowest level since March, according to preliminary estimates. The slowdown was driven by softer food price pressures and continued energy deflation. Unprocessed food inflation cooled slightly to 5.8% (from 6.1%), while processed food inflation eased to 0.8% (from 1.0%). Energy prices remained in decline at -2.2% (vs -2.4%). Core inflation, excluding energy and unprocessed food, also moderated to 1.8%, down from 2.1%, pointing to broader disinflationary momentum. Meanwhile, the EU-harmonized HICP slipped to 1.9% from 2.4%, leaving inflation just below the ECB’s 2% target.
2026-01-30
Portugal Inflation Rate Remains Steady at 7-Month Low of 2.2%
The annual inflation rate in Portugal stood at a seven-month low of 2.2% in December 2025, unchanged from November, in line with the preliminary estimate. Softer price increases were recorded mostly in transportation (0.9% vs 2% in November) and alcoholic beverages & tobacco (1.6% vs 1.8%), with communications (-2.8% vs -4%) and clothing & footwear (-1.7% vs -1.8%) still posting declines. Conversely, the main upward pressure came from restaurants & hotels (6% vs 5.3%) and food (3.5% vs 3.5%). The core inflation index, which excludes energy and unprocessed food products components, edged up to 2.1% from 2% in November, matching the preliminary estimate. The EU-harmonized CPI (HICP) inched up to 2.4% in December from November's 2.1%, sitting above the ECB’s midpoint inflation target. On a monthly basis, consumer prices rose 0.1%, matching the earlier reading, after a 0.3% decrease in the prior month. The average inflation rate was confirmed at 2.3% in 2025, down from 2.4% a year ago.
2026-01-13
Portugal Inflation Rate Steady at 7-Month Low of 2.2%
The annual inflation rate in Portugal stood at a seven-month low of 2.2% in December 2025, unchanged from November, preliminary estimates showed. Energy prices continued to decline (-2.4% vs -0.8% in November) and processed food inflation eased (0.9% vs 1.2%). Meanwhile, the index for unprocessed food rose 6.0%, matching November's rate. The core inflation index, which excludes energy and unprocessed food products components, edged up to 2.1% in December from 2% in the prior month. Meanwhile, the EU-harmonized index of consumer prices (HICP) inched up to 2.4% from 2.1% previously, sitting above the European Central Bank’s midpoint target. On a monthly basis, consumer prices rose 0.1%, after a 0.3% decrease in the previous month. The average inflation rate decelerated to 2.3% in 2025 from 2.4% a year ago.
2025-12-31