“The annual variation of the CPI [Consumer Price Index] was 3.3% in May 2026, the same rate as recorded in the previous month. Rounded to one decimal place, this rate coincides with the value of the flash estimate released on 29 May,” says INE.

The underlying inflation indicator, which excludes unprocessed food and energy products, also recorded the same annual variation as the previous month, at 2.2%.

In May, the energy products index increased to 13.1%, up from 11.7% in the previous month, while the unprocessed foods index slowed to 5.7%, down from 7.4% in April.

Expense categories

By expense category and in relation to the previous month, IBGE highlights the increases in the annual variation rates of transportation, leisure, recreation, sports and culture, and housing, water, electricity, gas and other fuels, with variations of 6.0%, 0.2% and 3.5% respectively (4.8%, -0.6% and 2.9% in April).

Conversely, it notes the decrease in the annual variation rate of the category of alcoholic beverages and tobacco, food products and non-alcoholic beverages, and restaurants and lodging services, with variations of 3.1%, 3.2% and 5.1%, respectively (5.0%, 4.4% and 5.7% in the previous month).

Positive contributions

In May, the categories with the largest positive contributions to the annual variation of the IPC include transportation, food products and non-alcoholic beverages, and restaurants and lodging services. Conversely, the Information and Communication and Clothing and Footwear classes stand out.

Compared to the previous month, the increase in the contribution to the annual variation of the CPI of the transport class stands out, while, conversely, the class of food products and non-alcoholic beverages shows a decrease.

In monthly terms, the CPI variation between April and May was 0.2%, compared with 1.3% in the previous month and 0.4% in the same period last year.

Eating and sleeping

The class with the largest positive contribution to the monthly variation rate of the total index was that of restaurants and accommodation services, with a variation of 1.9% (4.4% in the previous month and 2.5% in May 2025). Conversely, the largest negative contribution to the monthly variation rate of the CPI was in the food products and non-alcoholic beverages class, at -0.3% (0.9% in the previous month and 0.8% in May 2025). Over the last 12 months, this indicator had an average variation of 2.5%, 0.1 percentage point higher than the 2.4% of the 12 months ending in April.

The Harmonized Index of Consumer Prices (HICP), which allows for a comparison between the various countries of the European Union (EU), had an annual variation of 3.1% in May, compared to 3.3% in the previous month, a rate 0.1 percentage point lower than the value estimated by Eurostat for the euro area (in April, the annual variation rate of the Portuguese HICP had been 0.3 percentage point higher than that of the euro area).

Excluding unprocessed food and energy products, the HICP grew 2.1% in May (2.3% in April), a rate lower than that of the euro area (estimated at 2.3%).

The IHPC recorded a monthly variation of 0.4% (1.9% in the previous month and 0.6% in May 2025) and an average variation over the last 12 months of 2.4% (2.3% in the preceding month).