FX.co ★ Portugal’s Inflation Edges Higher to 3.8% in October, Breaking Recent Cooling Trend

Portugal’s consumer price inflation ticked higher in October 2026, with the year-over-year Consumer Price Index (CPI) rising to 3.8%, up from 3.6% in September, according to data updated on 30 October 2026. The figures are measured on an annual basis, comparing each month’s price levels with those of the same month a year earlier.

The October reading suggests a modest reacceleration in price pressures after a period of relative stabilization. In September 2026, inflation had held at 3.6% year-over-year, raising hopes that consumer price growth was gradually easing. The latest increase to 3.8% indicates that cost pressures remain persistent in the Portuguese economy.

Both the September and October data points are based on year-over-year comparisons, meaning the “previous” indicator reflects the change in prices in September 2026 versus September 2025, while the “current” indicator shows the change in October 2026 versus October 2025. This latest uptick will likely be monitored closely by policymakers and markets assessing the trajectory of inflation in Portugal.