Portugal’s annual inflation rate held at 3.3% in May 2026, unchanged from April and matching the highest level since September 2023. The stability in the headline rate was largely driven by a 13.1% jump in energy prices, reflecting the impact of the war in the Middle East and the closure of the Strait of Hormuz.
Services inflation picked up to 3.4% from 3.2%, while food-related price pressures continued to ease. Unprocessed food inflation slowed to 5.7% from 7.5%, and processed food inflation moderated to 1.4% from 2.4%.
Core inflation, which excludes energy and unprocessed food, remained at 2.2% for the second consecutive month.
On a monthly basis, consumer prices rose 0.2% in May, following a 1.4% increase in April. The EU-harmonized inflation rate edged down to 3.1% from 3.3% in the previous month.
