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
Portugal Inflation Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Inflation (HICP, ann. var. %, aop) | 0.3 | -0.1 | 0.9 | 8.1 | 5.3 |
Inflation (HICP, ann. var. %, eop) | 0.4 | -0.3 | 2.8 | 9.8 | 1.9 |
Inflation (PPI, ann. var. %, aop) | -0.1 | -3.3 | 7.8 | 18.9 | 0.0 |
Harmonized inflation falls in June
Harmonized inflation cooled to 3.1% in June from May’s 3.8%, though remaining above the Euro area average of 2.5%. The figure was largely driven by slower price growth for food and non-alcoholic beverages. In addition, price pressures for transportation and recreation increased at a more moderate pace. Accordingly, the trend pointed down slightly, with annual average harmonized inflation coming in at 3.2% in June (May: 3.3%). Meanwhile, consumer price inflation fell to 2.8% in June from May’s 3.1%. Finally, harmonized consumer prices dropped 0.30% from the previous month in June, contrasting May's 1.04% rise. June's result marked the weakest reading since December 2023.
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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