Portugal's consumer price inflation was confirmed at 0.4 percent year-on-year in December 2019, the highest in six months and compared to November's 0.3 percent. Main upward pressure came from transport (1.8 percent vs 0.8 percent), restaurants & hotels (1.9 percent vs 1.6 percent), and recreation & culture (0.7 percent vs 0.6 percent). Meanwhile, inflation slowed for food & non-alcoholic beverages (0.2 percent vs 0.3 percent) and miscellaneous goods & services (1.3 percent vs 1.5 percent). Housing prices were flat (vs -0.3 percent in November) while clothing & footwear costs dropped further (-2.0 percent vs -1.6 percent). Excluding energy and unprocessed food prices, the index rose 0.4 percent, compared to 0.6 percent in the previous month. Considering 2019 full year, the average inflation slowed to 0.3 percent from 1.0 percent in 2018. Inflation Rate in Portugal averaged 8.42 percent from 1961 until 2019, reaching an all time high of 53.90 percent in May of 1977 and a record low of -1.60 percent in June of 2009.

Inflation Rate in Portugal is expected to be 0.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Portugal to stand at 1.20 in 12 months time. In the long-term, the Portugal Inflation Rate is projected to trend around 1.50 percent in 2020, according to our econometric models.

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Portugal Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.40 0.30 53.90 -1.60 1961 - 2019 percent Monthly
2012=100



Calendar GMT Actual Previous Consensus TEForecast
2019-11-29 09:30 AM Inflation Rate YoY Prel Nov 0.3% 0% 0.2%
2019-12-11 11:00 AM Inflation Rate YoY Final Nov 0.3% 0% 0.3% 0.3%
2020-01-02 11:00 AM Inflation Rate YoY Prel Dec 0.4% 0.3% 0.4%
2020-01-13 11:00 AM Inflation Rate YoY Final Dec 0.4% 0.3% 0.4%
2020-01-31 09:30 AM Inflation Rate YoY Prel Jan 0.4% 0.6%


News Stream
2020-01-02
Portugal Inflation Rate Rises to 6-Month High
The annual inflation rate in Portugal in expected to increase to 0.4 percent in December 2019 from 0.3 percent in November, preliminary estimates showed. It is the higher inflation since June, as unprocessed food products are seen rising 1.2 percent (vs 1.0 percent in November) and energy costs are likely to be flat (vs -3.2 percent). Annual core inflation rate, which excludes prices of energy and unprocessed food products, is likely to decrease to 0.4 percent from 0.6 percent. On a monthly basis, consumer prices are seen falling 0.1 percent, the same as in the previous month. The harmonised index of consumer prices is expected to rise 0.4 percent year-on-year (-0.2 percent in November) and fall 0.3 percent month-over-month (-0.7 percent in November).

2019-12-11
Portugal November Inflation Confirmed at 0.3%
Portugal's consumer price inflation was confirmed at 0.3 percent year-on-year in November 2019, the first month of price increase since June, mainly boosted by a rebound in transport costs. Upward pressure came also from restaurants & hotels and recreation & culture, while inflation eased for both food & non-alcoholic beverages and miscellaneous goods & services. Core consumer prices, which exclude prices of energy and unprocessed food products, rose 0.6 percent from a year earlier in November, accelerating from a 0.3 percent gain in the previous month. On a monthly basis, consumer prices dropped 0.1 percent, after being unchanged in October.

2019-11-29
Portugal Consumer Prices Rebound
The annual inflation rate in Portugal in expected to rebound to 0.3 percent in November of 2019 from a flat reading in October, preliminary estimates showed. It is the first rise in consumer prices in five months, with energy deflation slowing. On a monthly basis, consumer prices are seen falling 0.1 percent, following a flat reading last month.

2019-11-13
Portugal Consumer Prices Confirmed Flat in October
Consumer prices in Portugal were unchanged from the previous year in October 2019, after a 0.1 percent decrease in the previous month and in line with market expectations. Cost rebounded for food and non-alcoholic beverages and restaurant and hotels while inflation was steady for health and miscellaneous goods and services. On a monthly basis, consumer prices showed no growth, compared with a 1.1 percent rise in the previous month and matching earlier estimates.

2019-10-31
Portugal Consumer Prices Flat in October
Consumer prices in Portugal are expected to remain unchanged from the previous year in October 2019, following three straight months of deflation, a preliminary estimate showed. A solid increase in unprocessed food products prices is likely to offset a sharp decline in energy costs.

2019-10-10
Portugal Deflation Confirmed for 3rd Month
Portugal's consumer prices fell 0.1 percent from a year earlier in September 2019, unrevised from the preliminary estimate and unchanged from the previous month. It was the third consecutive month of deflation. The largest downward pressure came from communications, clothing & footwear and recreation & culture.


Portugal Inflation Rate
In Portugal, the inflation rate measures a broad rise or fall in prices that consumers pay for a standard basket of goods. The most important categories in the Portuguese consumer price index are Food and non-alcoholic beverages (20.8 percent of the total weight), Transport (14 percent), Miscellaneous Goods and Services (10.4 percent) and Housing, water, electricity, gas and other fuels (10.3 percent). Restaurants and Hotels account for 8.6 percent, Recreation and Culture for 7.2 percent and Clothing and Footwear for 6.9 percent. The index also includes: Health (6.3 percent) and Furnishings, household equipment and routine maintenance of the house (6.2 percent). Alcoholic beverages and tobacco, Communication and Education account for the remaining 9.4 percent.

Portugal Prices Last Previous Highest Lowest Unit
Inflation Rate 0.40 0.30 53.90 -1.60 percent [+]
Inflation Rate Mom -0.10 -0.10 8.30 -5.60 percent [+]
Consumer Price Index CPI 104.09 104.23 104.70 1.09 points [+]
Harmonised Consumer Prices 103.40 103.66 105.27 43.89 points [+]
Core Consumer Prices 104.21 104.41 104.95 4.95 points [+]
Core Inflation Rate 0.36 0.61 31.27 -0.57 percent [+]
Producer Prices 101.60 102.20 107.10 92.60 points [+]
Producer Prices Change -1.60 -1.90 7.80 -6.70 percent [+]
CPI Housing Utilities 108.76 108.56 108.84 4.59 points [+]
CPI Transportation 102.63 101.64 103.05 3.31 points [+]
Food Inflation 0.16 0.30 38.68 -6.33 percent [+]
GDP Deflator 1.50 1.30 4.50 -1.10 percent [+]