Producer prices in Portugal fell 3.2% year on year in December 2025, marking the 12th consecutive month of producer deflation and easing slightly from November’s 3.4% decline. Costs fell at a slower pace for energy (-8.4% vs. -9.4%), intermediate goods (-3.3% vs. -3.5%), and non-durable consumer goods (-3.0% vs. -3.1%). Meanwhile, prices for consumer durables rose at a faster pace (2.2% vs. 2.1%), while inflation for capital goods eased (1.7% vs. 2.5%). On a monthly basis, producer prices increased by 0.4%, following a 0.2% decline in November.