Portugal’s annual inflation rate edged down to 2.2% in November 2025 from 2.3% in October, reaching its lowest level since April, according to preliminary estimates. Unprocessed food inflation cooled slightly (6.0% vs. 6.1%) and energy prices continued to decline (-0.9% vs. -1.2%). In contrast, processed food inflation picked up modestly to 1.2% from 1.1%. Core inflation, which excludes energy and unprocessed food, also eased, dropping to 1.9% from 2.2%, signaling broader disinflationary momentum. Meanwhile, the EU-harmonized index of consumer prices (HICP) inched higher to 2.1% from 2.0%, sitting just above the European Central Bank’s midpoint target.