The Consumer Price Index (CPI) annual rate decreased to 1.9% in January 2026 (2.2% in December 2025). The annual core inflation rate, which excludes energy and unprocessed food, presented a rate of change of 1.8% (2.1% in the previous month). The annual rate of change for energy products was -2.2% (-2.4% in December), and the rate for unprocessed food decreased to 5.8% (6.1% in the previous month).

The CPI monthly rate was -0.7% (0.1% in the previous month and -0.5% in January 2025), while the CPI 12-month average rate was 2.3% (the same value as in December 2025).

In January 2026, the Portuguese Harmonised Index of Consumer Prices (HICP) annual rate was 1.9% (2.4% in the previous month). This rate is 0.2 percentage points (p.p.) above the rate estimated by Eurostat for the Euro area (in December 2025, this difference was 0.4 p.p.). Excluding energy and unprocessed food products, the Portuguese HICP increased 1.9% in January 2026 (2.4% in December 2025), below the corresponding rate for the Euro area (estimated at 2.2%).