Portugal’s annual inflation rate rose to 3.3% in April 2026, according to new figures from INE, the country’s national statistics office.
This is up from 2.7% in March, with INE noting that the rise in the consumer price index (CPI) was largely driven by higher fuel prices, continuing a trend seen in the previous month. Energy inflation accelerated to 11.7% in April, compared with 5.7% in March.
Underlying inflation, which excludes unprocessed food and energy products, also increased during the month. The core inflation rate rose to 2.2% from 2.0% a month earlier.
Meanwhile, inflation for unprocessed food products reached 7.4%, up from 6.4% in March, INE noted.
Price increases
On a month-on-month basis, consumer prices increased by 1.3% in April, compared with 2.0% in March and 0.7% in April 2025. Average inflation over the previous twelve months, meanwhile, reached 2.4%, slightly higher than the 2.3% recorded in March.
Portugal’s harmonised index of consumer prices, or HICP, which is used for comparison across the European Union, also rose by 3.3% year-on-year in April, compared with 2.7% in March. According to INE, this places Portuguese inflation 0.3 percentage points above the estimated euro area rate.
Core harmonised inflation in Portugal, excluding unprocessed food and energy, stood at 2.3% in April, above the euro area estimate of 2.1%.
The monthly change in the harmonised index was 1.9% (compared to 2.3% in the previous month and 1.3% in April 2025), while the twelve-month average rate increased to 2.3% (up from 2.2% the previous month), INE added. Read more here.
