Portugal Inflation Confirmed at 3.8%, Highest Since May 2023
Portugal's consumer prices rose 3.8% year on year in October, per Statistics Portugal, as energy costs climbed 17.4%. Report carried by RTTNews.
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what happened
Statistics Portugal confirmed that consumer prices in Portugal rose 3.8% year on year in October, up from 3.6% in September. The reading matches the initial estimate and is the highest since May 2023.
Energy was the main driver, with costs up 17.4% over the year against 15.3% a month earlier. Housing and utilities inflation picked up to 4.0% from 3.4%, while unprocessed food rose 3.7%. Core inflation, excluding food and energy, edged up to 2.8% from 2.7%.
The EU harmonised index (HICP) climbed 3.9% annually versus 3.6% a month earlier. On a monthly basis, consumer prices rose 0.2% after a 1.2% gain in September.
why it matters
The acceleration in Portuguese inflation and the higher HICP reading suggest price pressure in the euro area remains visible, with energy still pushing headline numbers up. Markets will watch it as a signal for ECB rate expectations and the euro.
market impact
Euro and euro-area bonds: higher inflation strengthens bets on a tighter ECB policy
- EUR/USD pressure up — faster inflation raises expectations of a tighter ECB policy
tags
instruments
sources
- Portugal Inflation Confirmed At 3.8% — TradingView, 11 November 2026 at 13:51 UTC
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