Portugal’s inflation rate remained steady at 3.3% year-over-year in May 2026, matching the highest level since September 2023, primarily driven by a 13.1% surge in energy costs amid the Middle East war and the Strait of Hormuz closure. Services inflation accelerated to 3.4% from 3.2%, while food inflation eased, unprocessed food fell to 5.7% from 7.5%, and processed food declined to 1.4% from 2.4%. Core inflation, excluding energy and unprocessed food, held at 2.2% for the second consecutive month. On a monthly basis, consumer prices rose 0.2%, following a 1.4% increase in April. The EU-harmonized inflation rate stood at 3.1%, down slightly from 3.3% the previous month. source: Statistics Portugal

Inflation Rate in Portugal remained unchanged at 3.30 percent in May. Inflation Rate in Portugal averaged 7.89 percent from 1961 until 2026, reaching an all time high of 53.90 percent in May of 1977 and a record low of -1.66 percent in September of 2009. 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 June of 2026.

Inflation Rate in Portugal remained unchanged at 3.30 percent in May. Inflation Rate in Portugal is expected to be 3.50 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 2.40 percent in 2027 and 2.10 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-05-29 10:00 AM
Inflation Rate YoY Prel
May 3.3% 3.3% 3.4%
2026-06-12 10:00 AM
Inflation Rate YoY Final
May 3.3% 3.3% 3.3% 3.3%
2026-06-30 10:00 AM
Inflation Rate YoY Prel
Jun 3.3% 3.5%


Related Last Previous Unit Reference
CPI 103.73 103.47 points May 2026
Core Consumer Prices 103.00 102.58 points May 2026
Core Inflation Rate 2.19 2.20 percent May 2026
CPI Housing Utilities 103.17 102.92 points May 2026
CPI Transportation 105.46 105.38 points May 2026
Food Inflation 3.30 4.40 percent May 2026
GDP Deflator 128.77 127.34 points Mar 2026
Harmonised Consumer Prices 104.02 103.58 points May 2026
Inflation Rate YoY 3.30 3.30 percent May 2026
Inflation Rate MoM 0.20 1.40 percent May 2026
Producer Prices 119.57 116.78 points Apr 2026
PPI YoY 3.80 0.00 percent Apr 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
3.30 3.30 53.90 -1.66 1961 - 2026 percent Monthly
NSA

News Stream
Portugal’s Inflation Holds at 3.3% in May
Portugal’s inflation rate remained steady at 3.3% year-over-year in May 2026, matching the highest level since September 2023, primarily driven by a 13.1% surge in energy costs amid the Middle East war and the Strait of Hormuz closure. Services inflation accelerated to 3.4% from 3.2%, while food inflation eased, unprocessed food fell to 5.7% from 7.5%, and processed food declined to 1.4% from 2.4%. Core inflation, excluding energy and unprocessed food, held at 2.2% for the second consecutive month. On a monthly basis, consumer prices rose 0.2%, following a 1.4% increase in April. The EU-harmonized inflation rate stood at 3.1%, down slightly from 3.3% the previous month.
2026-06-12
Portugal Inflation Rate Steady at 3.3%
The annual inflation rate in Portugal was unchanged at 3.3% in May 2026, remaining at the highest since September 2023, preliminary estimates showed. A faster increase in energy products (13.2% vs 11.7% in April) was offset by a slowdown in cost of unprocessed food (5.7% vs 7.5%). The core inflation index, which excludes energy and unprocessed food products components was 2.2%, the same value as in the previous month. On a monthly basis, consumer prices increased 0.3%, after a 1.4% rise in April. The EU Harmonised Index of Consumer Prices annual rate of change was 3.1% (3.3% in the previous month).
2026-05-29
Portugal’s Inflation Highest Since September 2023
Portugal’s inflation rate reached 3.3% year-over-year in April 2026, slightly below the preliminary estimate of 3.4% but the highest since September 2023 and well above the ECB’s 2% target. The surge was primarily driven by an 11.7% jump in energy prices, as the Iran war and the closure of the Strait of Hormuz pushed costs higher. Food and non-alcoholic beverages also contributed, with prices rising 4.4% (up from 3.7%), particularly unprocessed food at 7.5% (compared to 6.4%). Services inflation, however, eased to 3.2% from 3.4%. On a monthly basis, consumer prices increased by 1.3% in April, following a 2% surge in March. The EU-harmonized index of consumer prices rose by 3.3% year-over-year, the highest since May 2024, and by 1.9% month-over-month.
2026-05-13