FX.co ★ Portugal’s Inflation Eases to Seven-Month Low in November

Portugal experienced a slight decrease in its annual inflation rate, which fell to 2.2% in November 2025, down from 2.3% in October. This marks the lowest inflation rate since April, as indicated by preliminary estimates. The inflation for unprocessed food slightly reduced from 6.1% to 6.0%, while energy prices continued their downward trend, decreasing to -0.9% from -1.2%. However, processed food inflation saw a modest increase, rising to 1.2% from 1.1%. Core inflation, excluding the volatile categories of energy and unprocessed food, declined to 1.9% from 2.2%, suggesting a wider disinflationary trend. Conversely, the EU-harmonized index of consumer prices (HICP) experienced a slight uptick, reaching 2.1% from 2.0%, just above the European Central Bank's midpoint target.