Portugal Producer Inflation Highest Since 2023

Industrial producer prices in Portugal jumped 3.8% year-on-year in April 2026, the biggest rise since March 2023, following a flat reading in the previous month. The largest upward contribution came from a 17.2% jump in energy costs, mostly petroleum products due to the impact of the war with Iran. Excluding energy, producer prices were up 1.4%. Other increases were also seen in prices for intermediate (2.3% vs 0.3%) and investment (2.1% vs 1.4%) goods while consumptions goods rose 0.1% only (vs -0.7%). Compared to the previous month, the PPI jumped 1.4%, also led by energy costs which soared 10.2%.

Producer prices in Portugal were flat year-on-year in March 2026, snapping a streak of fifteen consecutive monthly declines, following a 3.0% drop in February. Energy prices drove the shift, falling just 0.6% compared with a sharp 18.8% decline the previous month, amid rising oil prices linked to the conflict involving Iran. Notably, both refined petroleum products and electricity increased by around 20% relative to February. Consumer goods prices continued to decline, down 0.7% year-on-year (vs -0.6% in February). Meanwhile, investment goods prices rose 1.6%, the same as in the previous month, and intermediate goods prices edged up 0.3%, rebounding from a 0.6% fall in February. On a monthly basis, producer prices jumped 2.3%, the strongest increase since May 2022, reversing a 1.1% decline in February, largely driven by a 12% surge in energy prices.

Producer prices in Portugal declined 3.5% year-on-year in February 2026, following a 2.1% drop in the previous month. This was the fourteenth consecutive month of falling producer prices and the fastest pace since September 2025, mainly due to a steeper decline in energy costs (-18.8% vs -8.3% in January). Prices of consumer goods (-0.5% vs -1.1%) and intermediate goods (-0.8% vs -1.6%) also declined, albeit at softer rates, while price growth for investment goods eased slightly (1.6% vs 1.7%). On a monthly basis, the PPI decreased 1.1%, deepening from a 0.1% fall in January.