Portugal’s consumer price inflation rate held at 3.2% year-on-year in June 2026, edging down from the more than two-year high of 3.3% recorded in April and May. Energy inflation decelerated sharply to 9.1% from 13.1%, reflecting a pullback in crude oil prices from multi-year highs amid ongoing US–Iran peace negotiations. Unprocessed food inflation also eased, to 5.1% from 5.7%.
In contrast, services inflation accelerated to 4.2% from 3.4%, its highest level since August 2025. Core inflation, which excludes energy and unprocessed food, rose to 2.5% from 2.2%, indicating that price pressures are becoming more broad-based.
The EU-harmonized inflation rate was unchanged at 3.1%, close to its two-year peak and well above the ECB’s 2.0% target. On a monthly basis, both the national headline and EU-harmonized indices slowed, with price growth easing to 0.1% from 0.2% and 0.4%, respectively.
