FX.co ★ Portugal’s Inflation Eases to 1.9% in January, Slipping Further Below 2% Threshold

Portugal’s consumer price inflation cooled to 1.9% year-over-year in January 2026, down from 2.2% in the previous reading, according to data updated on 11 February 2026. The Consumer Price Index (CPI) figure marks a further easing of price pressures and places inflation just below the commonly watched 2% benchmark.

Both the current and previous indicators are based on year-over-year comparisons. The latest “actual” reading measures the change in prices in January 2026 versus January a year earlier, while the “previous” reading reflected the change in the prior month compared to the same month of the previous year. The gradual decline from 2.2% to 1.9% suggests a modest but continuing slowdown in inflation dynamics in Portugal at the start of 2026.