The Consumer Price Index (CPI) annual rate remained at 3.3% in May 2026. The annual core inflation rate, which excludes energy and unprocessed food, presented a rate of change of 2.2% (the same value as in the previous month). The annual rate of change for energy products increased to 13.1% (11.7% in April), and the rate for unprocessed food decelerated to 5.7% (7.4% in the previous month).
The CPI monthly rate was 0.2% (1.3% in the previous month and 0.3% in May 2025), while the CPI 12-month average rate was 2.5% (2.4% in April).
In May 2026, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 3.1% (3.3% in the previous month). This rate is 0.1 percentage points (p.p.) below the rate estimated by Eurostat for the Euro area
(in April, the Portuguese rate was 0.3 percentage points (p.p.) above the figure estimated by Eurostat for the Euro area). Excluding energy and unprocessed food products, the Portuguese HICP increased 2.1% in May (2.3% in April), above the corresponding rate for the Euro area (estimated at 2.3%).
