🇵🇹Portugal inflation rate

Portugal joined the euro at its launch in 1999. Harmonised inflation (HICP) — the EU-wide measure the European Central Bank targets at 2% — stands at 3.1% as of May 2026. That is 1.1 percentage points above the ECB's 2% target, and 0.1 points below the euro-area average of 3.2%.

The breakdown shows core (excluding energy and food) at 2.0%, energy at 14.5%, food at 3.2% and services at 2.8%. The strongest pressure is in energy (14.5%), while core (excluding energy and food) is the softest (2.0%).

Month on month the headline eased from 3.3% to 3.1%, a step down from the month before.