The annual inflation rate in Portugal eased to 2.3% in October 2025, its lowest level in five months, down slightly from 2.4% in September, according to preliminary estimates. Energy prices declined (-1.2% vs +0.3% in September), while food inflation slowed (6.1% vs 7.0%). On a monthly basis, the CPI was unchanged, following a 0.9% increase in September. Based on the EU-harmonised index, the annual inflation rate edged up to 2.0% from 1.9% in September, while the index fell 0.3% month-on-month, after a 0.9% rise in the previous month.