FX.co ★ Portugal Producer Inflation Highest Since 2023

Portugal’s industrial producer inflation accelerated to 9.2% year-on-year in September 2026, the highest level since February 2023 and the third consecutive monthly increase, up from a downwardly revised 7.1% in August. The rise was driven almost entirely by the energy component, where inflation jumped to 33.6% from 22.8% in the previous month, reflecting a sharp increase in petroleum product prices and, to a lesser extent, higher electricity prices. Inflation also edged higher for intermediate goods (8.2% vs 7.5%), consumer goods (1.9% vs 1.7%) and capital goods (1.5% vs 1.4%).

By sector, inflation rose most markedly in utilities (20.9% vs 12.8%) and manufacturing (7.3% vs 5.8%), while it eased slightly in mining (69.3% vs 72.5%), although remaining at a very elevated level. On a monthly basis, producer prices increased by 1.5% in September, up from a downwardly revised 0.7% in August, driven entirely by a 7.9% rise in energy prices.