Portugal’s industrial producer inflation rose to 5.8% year-on-year in July 2026, its highest rate since February 2023, up from a revised 5.1% in June. The acceleration was largely driven by stronger price growth for energy goods, which remained elevated at 15.8% after a 12.7% increase in the previous month. Prices also accelerated for non-durable consumer goods (1.9% vs 1.3%), intermediate goods (6.5% vs 6.3%), and capital goods (2.3% vs 2.2%).
By sector, price growth in utilities rebounded sharply to 8.1%, following a 1.7% decline in June. In contrast, price growth eased in mining (73% vs 74.3%), though it remained exceptionally high, and in manufacturing (4.8% vs 4.9%). On a monthly basis, producer prices increased by 0.8% in July, moderating from an upwardly revised 0.9% rise in June.
