Producer prices in Portugal declined 3.5% year-on-year in February 2026, following a 2.1% drop in the previous month. This was the fourteenth consecutive month of falling producer prices and the fastest pace since September 2025, mainly due to a steeper decline in energy costs (-18.8% vs -8.3% in January). Prices of consumer goods (-0.5% vs -1.1%) and intermediate goods (-0.8% vs -1.6%) also declined, albeit at softer rates, while price growth for investment goods eased slightly (1.6% vs 1.7%). On a monthly basis, the PPI decreased 1.1%, deepening from a 0.1% fall in January.