FX.co ★ Portugal’s CPI Edges Back Into Positive Territory in February, Ending Brief Deflation Spell

Portugal’s consumer price index (CPI) turned positive in February 2026, breaking out of a brief deflationary phase, according to data updated on 11 March 2026. On a month‑over‑month basis, the CPI rose 0.1% in February, following a 0.7% decline recorded in the previous comparison period.

The latest figure marks a notable shift from the earlier ‑0.7% month‑over‑month reading, signaling that price pressures have stabilized and nudged slightly higher. The current result compares the change in prices in February to the previous month, while the prior indicator reflected the change in the preceding month relative to its own earlier period.

Although the move to 0.1% remains modest, the reversal from negative territory suggests that downward price momentum has eased. Market participants and policymakers will be watching upcoming releases closely to determine whether this uptick marks the start of a more sustained normalization in Portugal’s short‑term inflation dynamics.