Portugal’s consumer price growth slowed modestly in July, as the country’s year-over-year Consumer Price Index (CPI) eased to 3.0%, down from 3.2% in June 2026.
According to the latest data updated on 31 July 2026, the July reading reflects inflation compared with the same month a year earlier, while the June figure likewise measured prices against June of the previous year. The slight deceleration suggests that, while price pressures remain present in the Portuguese economy, they are showing signs of gradual moderation.
The back-to-back year-over-year comparisons indicate that Portugal is moving off peak inflation levels, a trend that will be closely watched by investors and policymakers assessing the trajectory of interest rates and real income dynamics in the second half of 2026.
