FX.co ★ Portugal Inflation Hits Three-Year High on Energy Prices

Portugal’s annual inflation rate climbed to 3.6% in September 2026, up from 3.3% in August, according to a preliminary estimate. This marks the highest reading since August 2023 and was driven primarily by a sharp increase in fuel prices, with energy inflation surging to 15.4%—its fastest pace since December 2022. Inflation for unprocessed food also edged higher, rising to 3.6% from 3.4%, while processed food inflation remained broadly stable at 1.4%. Core inflation, which excludes energy and unprocessed food, increased to 2.7% from 2.6%, reaching its highest level in nearly two years. The EU-harmonized inflation rate likewise stood at 3.6%, its highest since May 2024 and significantly above the European Central Bank’s 2% target.