Portugal Producer Deflation Eases

Producer prices in Portugal fell 3.2% year on year in December 2025, marking the 12th consecutive month of producer deflation and easing slightly from November’s 3.4% decline. Costs fell at a slower pace for energy (-8.4% vs. -9.4%), intermediate goods (-3.3% vs. -3.5%), and non-durable consumer goods (-3.0% vs. -3.1%). Meanwhile, prices for consumer durables rose at a faster pace (2.2% vs. 2.1%), while inflation for capital goods eased (1.7% vs. 2.5%). On a monthly basis, producer prices increased by 0.4%, following a 0.2% decline in November.

Producer prices in Portugal fell 3.3% year-on-year in November 2025, from a 2.8% decline in the previous month. This marked the eleventh consecutive month of producer deflation, driven mainly by a significant drop in energy prices (-9.4% vs -3% in October). Meanwhile, producer deflation eased for consumer goods (-2.5% vs -3.2%), non-durable consumer goods (-3% vs -3.7%), and intermediate goods (-3.4% vs -4.4%). In addition, price growth accelerated for consumer durables (2.1% vs 2%) and capital goods (2.5% vs 2.1%). On a monthly basis, producer prices fell 0.1%, reversing a 0.3% increase in October 2025.

Producer prices in Portugal fell 2.8% year-on-year in October 2025, marking the 10th consecutive decline, after a 3.7% drop in September. However, it was the smallest decrease since April, reflecting milder reductions in consumer goods (–2.7% vs –3.1%), particularly nondurables (–3.6% vs –4.2%), as well as in intermediate goods (–4.4% vs –4.6%) and energy (–3% vs –6.8%). Prices also rose at a slower pace for durables (1.9% vs 2.1%) and investment goods (2.1% vs 1.9%). On a monthly basis, the PPI increased 0.3%, the strongest rise since June, following a 0.4% decline in September.