In August 2026, the year-on-year change in the Consumer Price Index (CPI) in Portugal reached 3.3%, registering an increase of 0.3 percentage points compared to the previous month. This acceleration is almost entirely attributed to the increase in diesel prices, reflecting inflationary pressure in the energy sector. The core inflation indicator, which excludes unprocessed food and energy products, remained stable at 2.6% for the second consecutive month.
The monthly CPI change was zero in August, contrasting with the declines recorded in previous months. The average change over the last twelve months stood at 2.7%, slightly higher than the 2.6% from the previous month. CPI excluding housing, a relevant indicator for rent updates, settled at 2.6%.
The Harmonised Index of Consumer Prices (HICP) recorded a year-on-year change of 3.6%, surpassing the previous month's value by 0.5 percentage points and exceeding Eurostat's estimate for the euro area by 0.3 points. Excluding unprocessed food and energy products, the HICP in Portugal reached 2.9%, again above the estimated European average of 2.1%.
The HICP also showed a monthly change of 0.3%, in contrast to the declines of previous months, and an average change of 2.6% over the last twelve months. The data comes from the National Statistics Institute and demonstrates a complex economic panorama, where rising energy prices continue to significantly influence inflation in Portugal.
