FX.co ★ Portugal Inflation Eases to 3.0%, but Core Price Pressures Pick Up

Portugal’s annual inflation rate eased for the third consecutive month in July 2026, slipping to 3.0%, according to a preliminary estimate. The deceleration was largely driven by a moderation in energy prices, with energy inflation slowing to 8.7% from 9.1%, and by weaker food price growth, as inflation for unprocessed food fell to 3.7% from 5.1%. In contrast, underlying price pressures intensified: core inflation, which excludes energy and unprocessed food, edged up to 2.6% from 2.5%. At the same time, the EU-harmonized inflation rate held steady at 3.1%, remaining close to its highest level in two years and well above the European Central Bank’s 2.0% target.