The Consumer Price Index (CPI) annual rate was 3.3% in August 2026 (3.0% in July). This acceleration is almost entirely explained by the increase in the prices of diesel. The annual core inflation rate, which excludes energy and unprocessed food, presented a rate of change of 2.6% (the same value as in the previous month). The annual rate of change for energy products increased to 12.2% (8.7% in July) and the rate for unprocessed food presented a rate of change of 3.4% (3.7% in the previous month).
The CPI monthly rate was nil (-0.5% in the previous month and -0.2% in August 2025), while the CPI 12-month average rate was 2.7% (2.6% in July). The 12-month average rate of the CPI excluding housing, reference for the rents update next year, was 2.6% (2.56%) in August.
In August 2026, the annual rate of the Portuguese Harmonised Index of Consumer Prices (HICP) was 3.6% (3.1% in the previous month). This rate is 0.3 percentage points (p.p.) above the rate estimated by Eurostat for the Euro area (in July, this difference was 0.2 p.p.). Excluding energy and unprocessed food products, the Portuguese HICP increased 2.9% in August (2.7% in July), above the corresponding rate for the Euro area (estimated at 2.1%).
