Portugal's Inflation Accelerates to 3.8% in October, Highest Since May 2023
Portugal’s inflation surged to 3.8% in October, marking the fastest price rise in over three years.
📌 Key Highlights & Context
- Inflation climbed for the third consecutive month, up 0.2 percentage points from September.
- The rate is the highest since May 2023, when it peaked at 4%.
- INE notes that price pressures are strongest in food, energy and housing costs.
Recent Inflation Trend
The National Statistics Institute (INE) announced that Portugal’s consumer price index (CPI) increased by 3.8% year‑on‑year in October, a 0.2‑point rise from September’s 3.6%. This marks the third straight month of price growth after a slowdown between April and July.
The uptick reverses the moderation seen earlier in the year and represents the highest inflation rate since May 2023, when it peaked at 4%.
Sectoral Price Pressures
INE highlighted that the strongest price pressures are coming from three key sectors:
- Food and beverages
- Energy, especially natural gas and electricity
- Housing costs, including rent and heating
These increases directly affect household budgets, raising the overall cost of living.
Sources
Inflação em Portugal volta a acelerar para 3,8%. É a mais alta desde maio de 2023