The annual change in the Consumer Price Index (IPC) was 3.8% in October 2026, a rate higher than 0.2 percentage points (p.p.) recorded in the previous month, released the National Institute of Statistics (INE) this Wednesday.
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11/11/2026
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News to Minutes
A inflation rate accelerated to 3.8% in October 2026, released the National Institute of Statistics (INE) this Wednesday, confirming the estimate of a week ago.
“The annual change in the Consumer Price Index (CIP) was 3.8% in october 2026, rate higher than 0,2 percentage points (p.p.) as recorded in the previous month” iNE report.
The underlying inflation indicator – total index excluding unprocessed food and energy – showed an annual change of 2.8% (2.7% in September).
The change in the index for energy products increased to 17.4% (15.3% in the previous month) and the index for unprocessed food varied by 3.7% (the same value in September).
The monthly variation of the CPI was 0.2% (1.2% in the previous month and zero in October 2025). The mean variation in the last 12 months was 2.9% (2.8% in the previous month).
The Portuguese Harmonized Index of Consumer Prices (HICP) showed an annual variation of 3.9%, a rate higher than 0.3 p.p. the month before and below 0,1 p.p. the value estimated by Eurostat for the euro area (in September, this difference had been 0,2 p.p.).
Excluding unprocessed food and energy, the HICP in Portugal reached an annual variation of 2.9% in October (2.7% in September), higher than in the euro area (estimated at 2.2%).
The HICP showed a zero monthly variation (1.0% in the previous month and -0.3% in October 2025) and an average change in the last twelve months of 2.9% (2.8% in the previous month).
Government forecasts inflation of 2.9% in 2026 and 2.3% in 2027
The government estimates that inflation will reach 2.9% this year, slowing to 2.3% in 2027, according to the proposed State Budget for 2027 handed over to parliament.
“For 2026, an average HICP inflation rate of 2.9% is anticipated, which is expected to decrease to 2.3% in 2027, taking into account the assumptions taken for the oil price and the projected slowdown in unit labour costs,” the government states in the report accompanying the budget proposal.
The proposal will be discussed and voted on in general between 27 and 28 October. The overall final vote is scheduled for November 24, after the discussion process in the specialty.
[News updated at 11:06 a.m.]