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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