Portugal Inflation Accelerates to 3.3% in August

2026-09-10 10:34 By Joana Ferreira 1 min. read

Portugal’s annual inflation rate accelerated to 3.3% in August 2026, up from 3.0% in July, reaching its highest level since April.

The increase was driven primarily by a sharp acceleration in transport prices, which rose 6.4% year-on-year, compared with 4.9% in July, largely reflecting higher fuel costs amid escalating tensions in the Middle East.

Additional pressure came from miscellaneous goods and services (4.5% vs 4.1%), financial and insurance services (3.1% vs 2.6%), restaurants and hotels (6.2% vs 6.0%), and housing and utilities (3.3% vs 3.2%).

Meanwhile, inflation eased for food and non-alcoholic beverages (2.1% vs 2.2%) and recreation and culture (1.5% vs 2.4%).

Core inflation, which excludes volatile components such as energy and unprocessed food, remained unchanged at 2.6%.

The EU-harmonized inflation rate accelerated to 3.6%, its highest level since May 2024 and well above the European Central Bank’s 2% inflation target.



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Portugal Inflation Accelerates to 3.3% in August
Portugal’s annual inflation rate accelerated to 3.3% in August 2026, up from 3.0% in July, reaching its highest level since April. The increase was driven primarily by a sharp acceleration in transport prices, which rose 6.4% year-on-year, compared with 4.9% in July, largely reflecting higher fuel costs amid escalating tensions in the Middle East. Additional pressure came from miscellaneous goods and services (4.5% vs 4.1%), financial and insurance services (3.1% vs 2.6%), restaurants and hotels (6.2% vs 6.0%), and housing and utilities (3.3% vs 3.2%). Meanwhile, inflation eased for food and non-alcoholic beverages (2.1% vs 2.2%) and recreation and culture (1.5% vs 2.4%). Core inflation, which excludes volatile components such as energy and unprocessed food, remained unchanged at 2.6%. The EU-harmonized inflation rate accelerated to 3.6%, its highest level since May 2024 and well above the European Central Bank’s 2% inflation target.
2026-09-10
Portugal Inflation Rate Accelerates to 3.3%
Portugal’s annual inflation rate edged up to 3.3% in August 2026, from 3.0% in July, according to a preliminary estimate. The acceleration was mainly driven by a sharp increase in fuel prices, while energy inflation rose to 12.2% from 8.7%. Processed food inflation also edged higher to 1.5% from 1.4%. In contrast, inflation for unprocessed food moderated to 3.4% from 3.7%. Core inflation, excluding energy and unprocessed food, increased to 2.7% from 2.6%, remaining close to its highest level in nearly two years. The EU-harmonized inflation rate accelerated to 3.6%, its highest level since May 2024 and well above the ECB’s 2% target.
2026-08-31
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