🇵🇹Portugal inflation rate
released 19 Aug 2026 · data through July 2026 · next release expected 31 Aug 2026
Portugal joined the euro at its launch in 1999. Harmonised inflation (HICP) — the EU-harmonised measure that makes prices comparable across Europe — stands at 3.1% as of July 2026. That is 1.1 percentage points above the ECB's 2% target, and 0.1 points above the eurozone average of 3.0%.
The breakdown shows core (excluding energy and food) at 2.9%, energy at 9.5%, food at 2.3% and services at 3.9%. The strongest pressure is in energy (9.5%), while food is the softest (2.3%).
Month on month the headline held from 3.1% to 3.1%, unchanged on the month.
Portugal ranks number 13 of 30 European economies by annual inflation, from highest to lowest, between Poland and Netherlands.
Portugal's harmonised inflation is 3.1% as of July 2026 — abovethe European Central Bank's 2% target by 1.1 percentage points.
Compare with the rest of Europe on the European inflation ranking →
Frequently asked questions
- What is Portugal's current inflation rate?
- Portugal's annual inflation rate, measured by the harmonised index of consumer prices (HICP), is 3.1% as of July 2026.
- Is Portugal's inflation above or below the ECB's 2% target?
- At 3.1%, it is 1.1 percentage points above the European Central Bank's 2% target.
- How does Portugal's inflation compare with the rest of Europe?
- Portugal ranks number 13 of 30 European economies by inflation, 0.1 points above the eurozone average of 3.0%.
- Did Portugal's inflation rise or fall last month?
- Month on month, the headline rate held from 3.1% to 3.1% in July 2026.