“Based on the data compiled so far, the year-on-year rate of change in the Consumer Price Index (CPI) was 3.0% in July 2026, a rate 0.2 percentage points lower than that observed the previous month,” the INE stated.

The core inflation indicator (total index excluding unprocessed food and energy products) is estimated to have recorded a year-on-year rate of change of 2.6% in July, 0.1 percentage points higher than in June.

INE states that the change in the energy products index slowed to 8.7%, down from 9.1% in June, while the index for unprocessed food products decelerated from 5.1% to 3.7%.

Compared to the previous month, the CPI change is estimated at -0.5% in July (versus 0.1% in June and -0.4% in July 2025), with an estimated average change of 2.6% over the last 12 months (the same figure as the previous month).

Regarding the Portuguese Harmonised Index of Consumer Prices (HICP), which allows for better comparison with other countries, the year-on-year change is estimated at 3.1%, identical to that of the preceding month.

The INE will publish the definitive CPI data for June on 12 August.