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Portugal Inflation

Portugal Inflation

Inflation in Portugal

Harmonized consumer price inflation averaged 1.3% in the ten years to 2022, below the Euro Area average of 1.8%. The 2022 average figure was 8.1%. 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 2023.
Source: Portugal National Statistical Institute.

Portugal Inflation Data

2018 2019 2020 2021 2022
Inflation (HICP, ann. var. %, aop) 1.2 0.3 -0.1 0.9 8.1
Inflation (HICP, ann. var. %, eop) 0.6 0.4 -0.3 2.8 9.8
Inflation (PPI, ann. var. %, aop) 2.7 0.0 -4.2 8.9 20.5

Harmonized inflation falls to over two-year low in December

Harmonized inflation came in at 1.9% in December, down from November’s 2.2% and below the Euro area average of 2.9%. December's reading represented the lowest inflation rate since October 2021. Looking at the details of the release, prices for food and non-alcoholic beverages, and hospitality rose at a softer pace. In contrast, transport inflation increased. In addition, the trend pointed down, with annual average harmonized inflation coming in at 5.3% in December (November: 5.9%). Meanwhile, consumer price inflation edged down to 1.4% in December, from the previous month's 1.5%. Lastly, harmonized consumer prices fell 0.70% in December over the previous month, a more moderate fall than November's 1.04% drop.

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 13 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

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