Inflation Portugal 2004
Average inflation: 2.4%
Current Inflation
Inflation is normal at 2.4%, around the ECB target.
Peak and Trough
The highest inflation was in July at 2.8%. The lowest inflation was in February at 2.1%.
- Highest month
- July: 2.8%
- Lowest month
- February: 2.1%
- Difference
- 0.7 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Education with an average of 9.5%. The lowest price increase was in Clothing and footwear with an average of -1.1%.
- Highest increase
- Education: 9.5%
- Lowest increase
- Clothing and footwear: -1.1%
Historical Context
Current inflation is 0.9% lower than the 5-year average of 3.3%. This approaches the lowest level since records began (2.4% in 2004).
- 5-year average
- 3.3%
- 10-year average
- 3.3%
- All-time high (2001)
- 4.4%
- All-time low (2004)
- 2.4%
Trend
Inflation shows a downward trend. Compared to 2003, inflation has fallen by +0.8 percentage point.
- Change vs. previous year
- -0.8 percentage points
- Largest monthly swing
- February: -2.0 percentage points
ECB Target
Inflation is 0.4% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €102.40 next year at this inflation rate.
Multi-year trend
Monthly figures 2004
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2003 |
|---|---|---|
| January | 2.2% | -1.8 |
| February | 2.1% | -2.0 |
| March | 2.3% | -1.4 |
| April | 2.3% | -1.4 |
| May | 2.4% | -1.2 |
| June | 2.7% | -0.6 |
| July | 2.8% | 0.0 |
| August | 2.4% | -0.4 |
| September | 2.1% | -0.9 |
| October | 2.2% | -0.7 |
| November | 2.5% | 0.0 |
| December | 2.5% | +0.1 |
| Average | 2.4% |
Data source
Data from OECD. Last updated: 10/01/2026.