“The year-on-year change in the Consumer Price Index (CPI) was 3.0% in July 2026, a rate 0.2 percentage points (p.p.) lower than that recorded the previous month,” the INE stated.

According to the statistical office, the categories making the largest positive contributions to the year-on-year CPI change were transport, restaurants and accommodation services, and food and non-alcoholic beverages.

Conversely, the information and communication and the clothing and footwear categories contributed negatively to the change in the price index.

The core inflation indicator—which excludes unprocessed food and energy products—recorded a year-on-year change of 2.6% in July, up 0.1 percentage points from June.


According to the INE, the change in the energy products index slowed to 8.7% (down from 9.1% in June), while the unprocessed food products index decelerated from 5.1% to 3.7%.

Compared to the previous month, the CPI change was -0.5% in July (versus 0.1% in June and -0.4% in July 2025), with the average change over the last 12 months estimated at 2.5% (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 was 2.7%, compared to 2.5% in June.