What is Portugal's current inflation rate?

Portugal's annual inflation rate, measured by the harmonised index of consumer prices (HICP), is 3.6% as of September 2026 This is a flash estimate and may be revised at the final release..

Is Portugal's inflation above or below the ECB's 2% target?

At 3.6%, it is 1.6 percentage points above the European Central Bank's 2% target.

How does Portugal's inflation compare with the rest of Europe?

Portugal ranks number 14 of 30 European economies by inflation, 0.2 points below the eurozone average of 3.8%.

Did Portugal's inflation rise or fall last month?

Month on month, the headline rate held from 3.6% to 3.6% in September 2026.

🇵🇹Portugal inflation rate

released 2 Oct 2026 · data through September 2026 · flash estimate · next release expected 17 Oct 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 3.6% as of September 2026. That is 1.6 percentage points above the ECB's 2% target, and 0.2 points below the eurozone average of 3.8%.

The breakdown shows core (excluding energy and food) at 2.8%, energy at 17.1%, food at 2.3% and services at 3.9%. The strongest pressure is in energy (17.1%), while food is the softest (2.3%).

Month on month the headline held from 3.6% to 3.6%, unchanged on the month.

Portugal ranks number 14 of 30 European economies by annual inflation, from highest to lowest, between Slovenia and Austria.

Harmonised inflation (HICP) · annual rate

3.6%

vs 2% target

+1.6 pp

Harmonised inflation (HICP) is 3.6% as of September 2026 — that is 1.6 percentage points above the ECB's 2% target.

core (excluding energy and food)

2.8%

▼ 0.3 pp vs prev

energy

17.1%

▲ 3.6 pp vs prev

food

2.3%

▲ 0.1 pp vs prev

services

3.9%

▼ 0.2 pp vs prev

Portugal — annual HICP inflation rate, last 10 years

Source: Eurostat (HICP) · data through September 2026 · modifications: none

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 3.6% as of September 2026 This is a flash estimate and may be revised at the final release..
Is Portugal's inflation above or below the ECB's 2% target?: At 3.6%, it is 1.6 percentage points above the European Central Bank's 2% target.
How does Portugal's inflation compare with the rest of Europe?: Portugal ranks number 14 of 30 European economies by inflation, 0.2 points below the eurozone average of 3.8%.
Did Portugal's inflation rise or fall last month?: Month on month, the headline rate held from 3.6% to 3.6% in September 2026.

🇵🇹Portugal inflation rate

Frequently asked questions

Portugal — more indicators