Latest reading: Consumer prices rose 2.5% in annual terms in July, following a 2.6% rise in the prior month. Relative...
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 2025.
Source: Macrobond.
Portugal Inflation Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Inflation (HICP, ann. var. %, aop) | 0.9 | 8.1 | 5.3 | 2.7 | 2.2 |
| Inflation (HICP, ann. var. %, eop) | 2.8 | 9.8 | 1.9 | 3.1 | 2.4 |
| Inflation (PPI, ann. var. %, aop) | 7.8 | 18.9 | 0.0 | 0.3 | -2.7 |
Inflation is stable in June
Latest reading: Harmonized consumer prices rose 3.1% in annual terms in June, stable from the prior month's reading. Relative to the prior month's figures, there were higher price pressures for recreation (+1.6% in annual terms vs +0.3% in May) and restaurants and hotels (+4.5% vs +3.1% in May). In contrast, there were reduced price pressures for food and non-alcoholic beverages (+2.9% vs +3.3% in May) and transportation (+5.3% vs +6.1% in May). Finally, the variation in housing and utilities prices was the same as in the prior month (+3.6% in June and May). Meanwhile, consumer prices were up 3.2% in June, following a 3.3% increase in the previous month. Lastly, harmonized consumer prices rose 0.10% in June on a month-on-month basis, following a 0.42% rise in the previous month.
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 22 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.
Latest Global Inflation News
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Vietnam: Inflation ebbs in July from June Latest reading: Consumer prices increased 4.4% in annual terms in July, following a 4.7% rise in the prior month and... -
Poland: Inflation accelerates in July from June Latest reading: Consumer prices were up 3.0% on a year-on-year basis in July, following a 2.5% increase in the prior...