FX.co ★ Portugal’s Consumer Prices Dip 0.7% in January, Reversing Modest December Gain

Portugal’s consumer price index (CPI) slipped by 0.7% month-over-month in January 2026, according to data updated on 30 January 2026, marking a clear reversal from the marginal 0.1% rise recorded in December 2025.

The January figure, measured on a month-over-month basis, shows that prices declined compared with December, after having inched up only slightly the previous month versus November. This shift from a small increase to a more notable decline suggests a short‑term easing in consumer price pressures at the start of 2026, following a relatively flat price environment at the end of 2025.

Markets and policymakers will now be watching upcoming releases to see whether January’s negative reading proves to be a temporary correction or the beginning of a broader softening in Portuguese inflation dynamics.