Producer prices in Portugal were unchanged year-on-year in March 2026, ending a run of fifteen consecutive monthly declines, after a 3.0% drop in February. The turnaround was largely driven by energy prices, which fell just 0.6% versus a steep 18.8% decrease in the previous month, reflecting higher oil prices amid the conflict involving Iran. Within energy, both refined petroleum products and electricity rose by about 20% compared with February.
Consumer goods prices continued to fall, declining 0.7% year-on-year (after a 0.6% decrease in February). In contrast, prices for investment goods increased 1.6%, matching February’s pace, while intermediate goods prices inched up 0.3%, reversing a 0.6% drop in the prior month.
On a monthly basis, producer prices climbed 2.3%, the strongest rise since May 2022, following a 1.1% decline in February. This rebound was largely driven by a 12% surge in energy prices.
