The Consumer Price Index (CPI) annual rate was 3.0% in July 2026 (3.2% in June). The annual core inflation rate, which excludes energy and unprocessed food, presented a rate of change of 2.6% (2.5% in the previous month). The annual rate of change for energy products decreased to 8.7% (9.1% in June) and the rate for unprocessed food presented a rate of change of 3.7% (5.1% in the previous month).
The CPI monthly rate was -0.5% (0.1% in the previous month and -0.4% in July 2025), while the CPI 12-month average rate was 2.6% (the same value as in June).
In July 2026, the annual rate of the Portuguese Harmonised Index of Consumer Prices (HICP) was 3.1% (the same value as in the previous month). This rate is 0.2 percentage points (p.p.) above the rate estimated by Eurostat for the Euro area (in June, this difference was 0.3 p.p.). Excluding energy and unprocessed food products, the Portuguese HICP increased 2.7% in July (2.5% in June), above the corresponding rate for the Euro area (estimated at 2.2%).
