Portugal's inflation eased to 3% in July while core inflation rose to 2.56%

According to Statistics Portugal data published on Friday 31 July 2026, Portugal's annual inflation rate eased to 3% in July 2026.

The picture beneath the headline points the other way, however: core inflation, which strips out volatile items, rose to 2.56% in July, up from 2.50% the previous month. In other words, underlying price pressure in the Portuguese economy is strengthening even as the headline rate comes down.

Part of the fall in the headline rate came from energy: energy inflation eased to 8.67% in July from 9.12% the month before. The reading is read alongside the euro area flash inflation estimate released the same day, which showed euro area core inflation also rising unexpectedly, from 2.4% to 2.5%.