Latest reading: Inflation came in at 3.3% in June, down from May’s 3.5%. June’s result represented the weakest inflation rate...
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 falls to near four-year low in May
Latest reading: Harmonized inflation dropped to 1.7% in May from April’s 2.1%, falling below the ECB’s 2.0% target. May's figure represented the weakest inflation rate since September 2021 and was among the lowest in the Euro area. The slowdown was broad-based, with prices for housing, hospitality, recreation and transport all losing momentum. Still, a faster rise in food costs limited the downturn. As a result, annual average harmonized inflation fell to 2.4% in May (April: 2.6%). Meanwhile, consumer price inflation ticked up to 2.3% in May from the previous month's 2.1%. Finally, harmonized consumer prices rose 0.64% from the previous month in May, coming in below April's 1.30% increase.
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 19 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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