Portugal’s consumer price inflation rate dipped to 3.2% year-over-year in June 2026, down from the over two-year high of 3.3% recorded in April and May, according to a preliminary estimate. Energy inflation slowed to 9.2% from 13.1%, and food price growth also moderated, with unprocessed food inflation easing to 5.2% from 5.7%. However, core inflation, which excludes energy and unprocessed food, climbed to 2.5% from 2.2%, indicating broadening price pressures. The EU-harmonized inflation rate held steady at 3.1%, remaining near its highest level in two years and well above the ECB’s 2.0% target.