Inflation Rate (CPI): Portugal

Analysis# Portugal Inflation Rate (CPI) Portugal's inflation rate stood at 2.1% in 2026, reflecting a substantial decline from the nation's all-time peak of 29.3% in 1984. The metric has fallen 64.4% since 1980, demonstrating decades of disinflation. Even during the 2009 financial crisis, Portugal experienced mild deflation at -0.9%, the lowest point in the dataset. The country has maintained moderate single-digit inflation across the 2010s, establishing price stability as a defining economic characteristic. The sharp spike to 8.1% in 2022 marked a dramatic reversal of this trend, driven by global energy shocks and supply chain disruptions. Since that peak, inflation has steadily moderated—declining to 5.3% in 2023, 2.7% in 2024, and 2.2% in 2025. The current trajectory toward 2.1% suggests Portugal is returning to its preferred range near 2%, aligning with longer-term price stability expectations for the eurozone economy.