Portugal’s annual inflation rate rose to 3.8% in October 2026, its highest level since May 2023, up from 3.6% in September, according to a preliminary estimate. Core inflation, which excludes unprocessed food and energy, is expected to edge up to 2.8% from 2.7%. Energy inflation is also forecast to accelerate to 17.4% from 15.3%, its highest level since December 2022, while unprocessed food inflation remained unchanged at 3.7%. Meanwhile, the annual EU-harmonised inflation rate climbed to 3.9% from 3.6%, reaching its highest level since May 2024 and remaining well above the ECB’s 2% target. On a monthly basis, consumer prices rose 0.2%, slowing from a 1.2% increase in September. source: Statistics Portugal

Inflation Rate in Portugal increased to 3.80 percent in October from 3.60 percent in September of 2026. Inflation Rate in Portugal averaged 6.67 percent from 1949 until 2026, reaching an all time high of 36.66 percent in May of 1977 and a record low of -3.74 percent in September of 1954. This page provides - Portugal Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Portugal Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on November of 2026.

Inflation Rate in Portugal increased to 3.80 percent in October from 3.60 percent in September of 2026. Inflation Rate in Portugal is expected to be 3.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Portugal Inflation Rate is projected to trend around 1.70 percent in 2027 and 1.90 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-10-13 10:00 AM
Inflation Rate YoY Final
Sep 3.6% 3.3% 3.6%
2026-10-30 11:00 AM
Inflation Rate YoY Prel
Oct 3.8% 3.6% 3.8%
2026-11-11 11:00 AM
Inflation Rate YoY Final
Oct 3.6% 3.8% 3.8%



Components Last Previous Unit Reference
Energy Inflation 17.39 15.31 percent Oct 2026
Goods Inflation 2.96 2.65 percent Sep 2026
Services Inflation 4.40 3.95 percent Sep 2026

Related Last Previous Unit Reference
CPI 104.56 103.28 points Sep 2026
Core Consumer Prices 103.65 102.43 points Sep 2026
Core Inflation Rate 2.78 2.72 percent Oct 2026
CPI Housing Utilities 103.91 103.65 points Sep 2026
CPI Transportation 108.33 107.40 points Sep 2026
Food Inflation 2.38 2.14 percent Sep 2026
GDP Deflator 129.46 129.15 points Jun 2026
Harmonised Consumer Prices 105.13 105.15 points Oct 2026
Inflation Rate YoY 3.79 3.61 percent Oct 2026
Inflation Rate MoM 0.18 1.24 percent Oct 2026
Producer Prices 125.63 123.76 points Sep 2026
PPI YoY 9.20 7.20 percent Sep 2026


Portugal Inflation Rate
In Portugal, the inflation rate measures a broad rise or fall in prices that consumers pay for a standard basket of goods. The most important categories in Portuguese Consumer Price Index are: Food & Non-alcoholic Beverages (21% of the total weight), Transport (14%), Miscellaneous Goods & Services (10%) and Housing, Water, Electricity, Gas & Other Fuels (10%). Restaurant & Hotels account for 9%, Recreation & Culture for 7%, and Clothing & Footwear for 7%. The index also includes: Health (6%), and Furnishings, Household Equipment & Routine Maintenance of the House (6%). Alcoholic Beverages & Tobacco, Communication and Education account for remaining 9%.
Actual Previous Highest Lowest Dates Unit Frequency
3.79 3.61 36.66 -3.74 1949 - 2026 percent Monthly
NSA

News Stream
Portugal Inflation Rate Holds at Highest Level Since 2023
Portugal’s annual inflation rate rose to 3.8% in October 2026, its highest level since May 2023, up from 3.6% in September, according to a preliminary estimate. Core inflation, which excludes unprocessed food and energy, is expected to edge up to 2.8% from 2.7%. Energy inflation is also forecast to accelerate to 17.4% from 15.3%, its highest level since December 2022, while unprocessed food inflation remained unchanged at 3.7%. Meanwhile, the annual EU-harmonised inflation rate climbed to 3.9% from 3.6%, reaching its highest level since May 2024 and remaining well above the ECB’s 2% target. On a monthly basis, consumer prices rose 0.2%, slowing from a 1.2% increase in September.
2026-10-30
Portugal Inflation Rate Confirmed at 3-Year High
Portugal’s annual inflation rate rose to 3.6% in September 2026, marking the highest reading since August 2023, from 3.3% in August 2026, confirming the preliminary estimate. The increase was mainly driven by higher fuel costs, with energy prices up 15.3% from 12.2% in August. Transport prices were the main upward contributor (8.2% vs 6.4%), followed by restaurants and accommodation services (7.2% vs 6.2%). Unprocessed food prices also picked up to 3.7% from 3.4%. Core inflation, which excludes energy and unprocessed food, rose to 2.7% from 2.6%. On a monthly basis, consumer prices increased 1.2% after no change in August, as clothing prices jumped 21.5% with the start of the autumn/winter season. Meanwhile, harmonised inflation held at 3.6%, well above the ECB’s 2% target.
2026-10-13
Portugal Inflation Hits Three-Year High on Energy Prices
Portugal’s annual inflation rate rose to 3.6% in September 2026, up from 3.3% in August, according to a preliminary estimate. It was the highest rate since August 2023, driven mainly by a sharp rise in fuel prices, with energy inflation accelerating to 15.4%, its strongest increase since December 2022. Unprocessed food inflation also edged up to 3.6% from 3.4%, while processed food inflation was little changed at 1.4%. Core inflation, excluding energy and unprocessed food, rose to 2.7% from 2.6%, its highest level in nearly two years. The EU-harmonized inflation rate stood at 3.6%, its highest since May 2024 and well above the ECB’s 2% target.
2026-09-30