Portugal Inflation Accelerates for 3rd Month

2026-11-11 11:17 By Larissa Caser 1 min. read

Portugal’s annual inflation rate rose to 3.8% in October 2026, its highest level since May 2023, up from 3.6% in September and in line with preliminary estimates.

This marks the third consecutive monthly increase.

Energy inflation accelerated to 17.4% from 15.3%, while price growth also picked up for transport (8.3% vs 8.2%) and housing and utilities (4% vs 3.4%).

Inflation for unprocessed food stood at 3.7%.

Core inflation, which excludes volatile components such as energy and unprocessed food, edged up to 2.8% from 2.7%.

Additional upward pressure came from faster price increases in food (2.5% vs 2.4%), financial and insurance services ( 2.9% vs 2.8%), restaurants and hotels (7.9% vs 7.3%) and recreation and culture (2.6% vs 0.7%).

The EU-harmonized inflation rate accelerated to 3.9%, its highest level since May 2024 and well above the European Central Bank’s 2% inflation target.

On a monthly basis, consumer prices edged up 0.2%, slowing from a 1.2% rise in September.



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Portugal Inflation Accelerates for 3rd Month
Portugal’s annual inflation rate rose to 3.8% in October 2026, its highest level since May 2023, up from 3.6% in September and in line with preliminary estimates. This marks the third consecutive monthly increase. Energy inflation accelerated to 17.4% from 15.3%, while price growth also picked up for transport (8.3% vs 8.2%) and housing and utilities (4% vs 3.4%). Inflation for unprocessed food stood at 3.7%. Core inflation, which excludes volatile components such as energy and unprocessed food, edged up to 2.8% from 2.7%. Additional upward pressure came from faster price increases in food (2.5% vs 2.4%), financial and insurance services ( 2.9% vs 2.8%), restaurants and hotels (7.9% vs 7.3%) and recreation and culture (2.6% vs 0.7%). The EU-harmonized inflation rate accelerated to 3.9%, its highest level since May 2024 and well above the European Central Bank’s 2% inflation target. On a monthly basis, consumer prices edged up 0.2%, slowing from a 1.2% rise in September.
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