FX.co ★ Portugal Inflation Rate Accelerates to 3.3%

Portugal’s annual inflation rate rose to 3.3% in August 2026, up from 3.0% in July, according to a preliminary estimate. The pickup was largely driven by a sharp increase in fuel prices, with overall energy inflation accelerating to 12.2% from 8.7%. Processed food inflation inched up to 1.5% from 1.4%, while inflation for unprocessed food eased to 3.4% from 3.7%. Core inflation, which excludes energy and unprocessed food, edged higher to 2.7% from 2.6%, remaining close to its highest level in nearly two years. The EU-harmonized inflation rate climbed to 3.6%, its highest reading since May 2024 and well above the European Central Bank’s 2% target.