Portugal’s industrial producer inflation rose to 9.2% year-on-year in September 2026, the highest since February 2023, marking the third consecutive month of acceleration and up from a downwardly revised 7.1% in August. The increase was almost entirely driven by energy, with inflation surging to 33.6% from 22.8% in the previous month, as prices of petroleum products continued to climb sharply and, to a lesser extent, electricity prices. Inflation also picked up for intermediate goods (8.2% vs 7.5%), consumer goods (1.9% vs 1.7%) and capital goods (1.5% vs 1.4%). By sector, inflation rose most sharply for utilities (20.9% vs 12.8%) and manufacturing (7.3% vs 5.8%), while easing for mining (69.3% vs 72.5%), although remaining elevated. On a monthly basis, producer prices rose 1.5%, accelerating from a downwardly revised 0.7% increase in August, driven solely by a 7.9% rise in energy prices.