Portugal’s inflation rate reached 3.3% year-over-year in April 2026, slightly below the preliminary estimate of 3.4% but the highest since September 2023 and well above the ECB’s 2% target. The surge was primarily driven by an 11.7% jump in energy prices, as the Iran war and the closure of the Strait of Hormuz pushed costs higher. Food and non-alcoholic beverages also contributed, with prices rising 4.4% (up from 3.7%), particularly unprocessed food at 7.5% (compared to 6.4%). Services inflation, however, eased to 3.2% from 3.4%. On a monthly basis, consumer prices increased by 1.3% in April, following a 2% surge in March. The EU-harmonized index of consumer prices rose by 3.3% year-over-year, the highest since May 2024, and by 1.9% month-over-month.