Portugal Inflation Rate Eases Further in July

2026-08-12 10:17 By Larissa Caser 1 min. read

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.



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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.
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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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