FX.co ★ Portugal’s Inflation Cools Further as January CPI Slips to 1.9% YoY

Portugal’s consumer price inflation eased in January 2026, with the year-over-year Consumer Price Index (CPI) slowing to 1.9%, down from 2.2% in December 2025. The latest reading, updated on 30 January 2026, confirms a continued moderation in price pressures at the start of the year.

Both figures are measured on a year-over-year basis, comparing each month’s price levels to the same month a year earlier. December’s 2.2% reading reflected prices in December 2025 versus December 2024, while the new 1.9% figure captures the change in January 2026 relative to January 2025.

The decline in the annual inflation rate suggests that disinflationary forces remain in place in Portugal, potentially easing pressure on household budgets and offering policymakers slightly more room as they assess the outlook for prices and economic activity.