The Consumer Price Index (CPI) annual rate increased to 2.7% in March 2026 (2.1% in February). This acceleration is almost entirely explained by the increase in the prices of fuels. The annual core inflation rate, which excludes energy and unprocessed food, presented a rate of change of 2.0% (1.9% in the previous month). The annual rate of change for energy products increased to 5.7% ( -2.2% in February), and the rate for unprocessed food presented a rate of change of 6.4% (6.7% in the previous month).
The CPI monthly rate was 2.0% (0.1% in the previous month and 1.4% in March 2025), while the CPI 12-month average rate was 2.3% (the same value as in January).
In March 2026, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 2.7% (2.1% in the previous month). This rate is 0.2 percentage points (p.p.) above the rate estimated by Eurostat for the Euro area (in February, this difference was the same). Excluding energy and unprocessed food products, the Portuguese HICP increased 2.0% in March (the same value as in February), below the corresponding rate for the Euro area (estimated at 2.2%).
