The Consumer Price Index (CPI) stood at 3.3% in August, a value that represents a rise of 0.3 percentage points compared to the previous month. According to data from the National Statistics Institute (INE), fuel prices contributed the most to the acceleration of this indicator.
This confirmed value corresponds to the INE's flash estimates, which pointed to inflation of 3.3% in August. Underlying inflation, which excludes unprocessed food products and energy, registered a year-on-year variation of 2.6%, while the aggregate for energy products showed an increase to 12.2%.
The areas of Transport and Restaurants and accommodation services had the biggest positive contributions to the index variation, while the areas of Information and communication and Clothing and footwear had the most negative contributions. In its monthly variation, the index registered a zero rate of variation.
In August, the Harmonized Consumer Price Index (HCPI) registered a year-on-year variation of 3.6%, a value 0.5 percentage points higher than that of the previous month. Excluding unprocessed food products and energy, the HCPI in Portugal registered a year-on-year variation of 2.9% in August 2026, a rate 0.8 percentage points higher than the corresponding one for the Euro area. The average variation over the last twelve months stood at 2.6%.
