Latest reading: Consumer prices increased 2.9% on a year-on-year basis in August, following a 3.1% increase in the prior month....
Inflation in Portugal
Harmonized consumer price inflation averaged 1.9% in the ten years to 2024. The 2024 average figure was 2.7%. For more inflation information, visit our dedicated page.
Portugal Inflation Chart
Note: This chart displays Inflation (HICP, ann. var. %, aop) for Portugal from 2014 to 2024.
Source: Macrobond.
Portugal Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (HICP, ann. var. %, aop) | -0.1 | 0.9 | 8.1 | 5.3 | 2.7 |
| Inflation (HICP, ann. var. %, eop) | -0.3 | 2.8 | 9.8 | 1.9 | 3.1 |
| Inflation (PPI, ann. var. %, aop) | -3.3 | 7.8 | 18.9 | 0.0 | 0.3 |
Harmonized inflation comes in at highest level since January in July
Latest reading: Harmonized inflation came in at 2.5% in July, which was up from June’s 2.1%. July's result was the highest inflation rate since January. Looking at the details of the release, prices for food and non-alcoholic beverages plus hospitality increased at a quicker pace in July. The trend pointed down slightly, with annual average harmonized inflation coming in at 2.3% in July (June: 2.4%). Meanwhile, consumer price inflation ticked up to 2.6% in July from June’s 2.4%. Lastly, harmonized consumer prices dropped 0.35% from the previous month in July, swinging from June's 0.06% rise. July's result marked the weakest reading since January.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Portuguese inflation projections for the next ten years from a panel of 17 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Portuguese inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Portuguese inflation projections.
Want to get access to the full dataset of Portuguese inflation forecasts? Send an email to info@focus-economics.com.
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