"Based on the information already collected, the annual rate of change in the Consumer Price Index (CPI) will have increased to 3.3% in August 2026, a rate 0.3 percentage points higher than that observed in the previous month," INE indicates.

The statistical institute states that "the acceleration of the CPI is almost entirely explained by the increase in fuel prices."

The underlying inflation indicator (total index excluding unprocessed food and energy products) would have registered, in August, an annual rate of change of 2.7%, up 0.1 percentage points from July.

In the month under review, the variation in the index for energy products increased to 12.2%, up from 8.7% in July, while the index for unprocessed food products slowed from 3.7% to 3.4%.

Compared with the previous month, the CPI variation was 0.1% in August (-0.5% in July and -0.2% in August 2025), with an estimated average variation over the last 12 months of 2.7% (2.6% in the previous month).

The Portuguese Harmonised Index of Consumer Prices (HICP), which allows for a better comparison with other countries, is estimated to have registered an annual variation of 3.6%, higher than the 3.1% in July.

INE will publish the definitive CPI data for August on 10 September.