Producer prices in Portugal fell 2.1% year-on-year in January 2026, marking the smallest decline in ten months, following a 3.3% drop in December. Energy prices continued to decrease sharply (-8.4% vs. -8.3%), mainly due to lower petroleum product prices, while smaller declines were recorded for consumer goods (-1.0% vs. -2.8%) and intermediate goods (-1.6% vs. -3.3%). Meanwhile, investment goods prices rose 1.8%, up from 1.6% in the previous month. On a monthly basis, the PPI edged down 0.1%, after increasing 0.3% in December.