Portugal’s consumer price growth moved into negative territory in July, with the month‑on‑month Consumer Price Index (CPI) declining by 0.5%, according to data updated on 12 August 2026. The reading marks a notable reversal from the previous month’s modest 0.1% increase.
Both the current and previous readings refer to July 2026, but measure price changes over different monthly comparison periods. The latest figure shows that, compared with the preceding month, prices fell by 0.5% in July, while the earlier 0.1% reading reflected a slight rise in prices in the prior monthly interval.
On a month‑over‑month basis, the shift from marginal inflation to outright price decline suggests a cooling in short‑term price pressures within Portugal’s economy. Market participants and policymakers will be watching subsequent releases closely to see whether July’s downturn in consumer prices proves temporary or signals a more persistent disinflationary trend.
