Portugal’s industrial producer prices fell 3.7% year-on-year in September 2025, moderating from a 4.3% decline in August. The slowdown was broad-based, with consumer goods prices down 3.6% (vs. -3.9% in August), intermediate goods falling 4.6% (vs. -4.8%), and energy costs easing 6.8% (vs. -9.1%). Capital goods inflation remained steady at 1.9%. On a monthly basis, producer prices declined 0.3% in September, following a 0.6% drop in August.