Portugal’s annual inflation rate climbed to 3.6% in September 2026, up from 3.3% in August, reaching its highest level since August 2023 and matching the preliminary estimate. The acceleration was largely driven by surging fuel costs, with energy prices rising 15.3% year-on-year, compared with 12.2% in August. Transport prices were the main upward contributor (8.2% vs. 6.4% previously), followed by restaurants and accommodation services (7.2% vs. 6.2%). Unprocessed food inflation also edged higher, to 3.7% from 3.4%.
Core inflation, which excludes energy and unprocessed food, rose slightly to 2.7% from 2.6%. On a monthly basis, consumer prices increased 1.2% after remaining flat in August, driven largely by a 21.5% surge in clothing prices with the launch of the autumn/winter season. Meanwhile, the harmonised inflation rate stayed at 3.6%, remaining well above the European Central Bank’s 2% target.
