Producer prices in Portugal fell 3.3% year-on-year in November 2025, from a 2.8% decline in the previous month. This marked the eleventh consecutive month of producer deflation, driven mainly by a significant drop in energy prices (-9.4% vs -3% in October). Meanwhile, producer deflation eased for consumer goods (-2.5% vs -3.2%), non-durable consumer goods (-3% vs -3.7%), and intermediate goods (-3.4% vs -4.4%). In addition, price growth accelerated for consumer durables (2.1% vs 2%) and capital goods (2.5% vs 2.1%). On a monthly basis, producer prices fell 0.1%, reversing a 0.3% increase in October 2025.