Industrial producer inflation in Portugal accelerated to 5.1% year-on-year in May 2026, marking the highest increase since February 2023, following a 3.8% rise in April. The increase was driven primarily by energy prices, which surged 19.5%, up from 17.2% in the previous month. Inflation also accelerated for intermediate goods (4.2% vs. 2.2%), while prices for non-durable consumer goods edged up 0.3% after remaining unchanged in April. Meanwhile, price growth for capital goods eased to 1.5% from 2.2%, while inflation for durable consumer goods stood at 1.6%. On a monthly basis, industrial producer prices increased 1.0% in May, following a 2.4% rise in April.