Portugal’s Inflation Eases in June, but Price Pressures Broaden

2026-07-10 10:06 By Joana Ferreira 1 min. read

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.



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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
Portugal Inflation Eases to 3.2% in June
Portugal’s consumer price inflation rate dipped to 3.2% year-over-year in June 2026, down from the over two-year high of 3.3% recorded in April and May, according to a preliminary estimate. Energy inflation slowed to 9.2% from 13.1%, and food price growth also moderated, with unprocessed food inflation easing to 5.2% from 5.7%. However, core inflation, which excludes energy and unprocessed food, climbed to 2.5% from 2.2%, indicating broadening price pressures. The EU-harmonized inflation rate held steady at 3.1%, remaining near its highest level in two years and well above the ECB’s 2.0% target.
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Portugal’s Inflation Holds at 3.3% in May
Portugal’s inflation rate remained steady at 3.3% year-over-year in May 2026, matching the highest level since September 2023, primarily driven by a 13.1% surge in energy costs amid the Middle East war and the Strait of Hormuz closure. Services inflation accelerated to 3.4% from 3.2%, while food inflation eased, unprocessed food fell to 5.7% from 7.5%, and processed food declined to 1.4% from 2.4%. Core inflation, excluding energy and unprocessed food, held at 2.2% for the second consecutive month. On a monthly basis, consumer prices rose 0.2%, following a 1.4% increase in April. The EU-harmonized inflation rate stood at 3.1%, down slightly from 3.3% the previous month.
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