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Inflation

A Repsol petrol station with fuel pumps under a branded canopy on a street by the Douro in Porto

Fuel Pushes Portugal's Inflation Up to 3.6 Percent in September, and the Economy Minister Concedes It Is the Part Going Badly

Energy prices were 15.4 percent higher than a year earlier, INE's flash estimate shows, while core inflation barely moved. Unemployment held at 5.7 percent in August.

The Portugal Brief 01 Oct 2026

Portugal's Fiscal Watchdog Raises Its 2026 Growth Forecast to 2.2 Percent, Sees Inflation at 3.2 Percent and Hiring Slowing as Net Migration Eases

Portugal's Fiscal Watchdog Raises Its 2026 Growth Forecast to 2.2 Percent, Sees Inflation at 3.2 Percent and Hiring Slowing as Net Migration Eases

The Public Finance Council's September update sees faster growth and pay, prices up 3.2 percent on fuel, deficits from 2027, and job growth fading to zero by 2030 as fewer new workers arrive.

The Portugal Brief 28 Sep 2026

The red Minipreço supermarket entrance sign inside a building in Lisbon, Portugal, above automatic glass doors

Portugal's Inflation Eased to 3.2% in June as Cheaper Fuel Offset Stubborn Food Prices

The INE confirmed consumer prices rose 3.2% over the year to June, down mainly because energy inflation slowed to 9.1% from 13.1%. Core inflation edged up to 2.5% and unprocessed food stayed high at 5.1%, keeping Portugal's harmonised rate 0.3 points above the euro area.

The Portugal Brief 10 Jul 2026

Euro banknotes of various denominations spilling from a white envelope onto a wooden surface

Portugal's Inflation Cools to 3.2% in June, but Core Prices and Energy Defy the Slowdown

Portugal's headline inflation eased to 3.2% in June from 3.3% in May, INE's flash estimate shows. But core inflation rose to 2.5%, energy stayed 9% higher and fresh food ran at 5.2% — a sign price pressure is becoming entrenched rather than fading. Final data lands on 10 July.

The Portugal Brief 30 Jun 2026

INE Pegs May Industrial Producer Prices at +5.1% Year-on-Year as the Energia Component's 19.5% Spike Adds 3.0 Points to the Headline

INE Pegs May Industrial Producer Prices at +5.1% Year-on-Year as the Energia Component's 19.5% Spike Adds 3.0 Points to the Headline

INE's May IPPI prints at 5.1% year-on-year, with the energia component up 19.5% and contributing about 3.0 points to the headline. The ex-energy index sits at 2.4%, lining up with Banco de Portugal's H2 inflation glide path to 2.0%.

The Portugal Brief 18 Jun 2026

Banco de Portugal's June Boletim Económico Cuts the 2026 Deficit Forecast to 0.2% of GDP — Net Expenditure Trajectory Breaches the Brussels Commitment as Iran-War Severe Scenario Lifts 2027 Inflation to 4.3%

Banco de Portugal's June Boletim Económico Cuts the 2026 Deficit Forecast to 0.2% of GDP — Net Expenditure Trajectory Breaches the Brussels Commitment as Iran-War Severe Scenario Lifts 2027 Inflation to 4.3%

Banco de Portugal's June Boletim Económico cut the 2026 deficit forecast from 0.4% to 0.2% of GDP, but warns net expenditure growth breaches the Brussels commitment. Iran-war severe scenario lifts 2027 inflation to 4.3% and trims growth by 0.5pp.

The Portugal Brief 15 Jun 2026

INE's May Flash Reading Holds Portuguese Inflation at 3.3% YoY — Energy Products Carry the Tape at 13.2% While Food Decelerates

INE's May Flash Reading Holds Portuguese Inflation at 3.3% YoY — Energy Products Carry the Tape at 13.2% While Food Decelerates

INE's preliminary May 2026 CPI estimate, released 29 May, keeps homologous inflation at 3.3% — with energy products at 13.2% offsetting a slowdown in unprocessed food and core inflation steady at around 2.4%.

The Portugal Brief 30 May 2026

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