Inflation Portugal 2022
Average inflation: 7.8%
Current Inflation
Inflation is very high at 7.8%, far above the ECB target.
Peak and Trough
The highest inflation was in October at 10.1%. The lowest inflation was in January at 3.3%.
- Highest month
- October: 10.1%
- Lowest month
- January: 3.3%
- Difference
- 6.8 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food and non-alcoholic beverages with an average of 13.0%. The lowest price increase was in Health with an average of -1.4%.
- Highest increase
- Food and non-alcoholic beverages: 13.0%
- Lowest increase
- Health: -1.4%
Historical Context
Current inflation is 5.7% higher than the 5-year average of 2.1%. This approaches the highest level since records began (7.8% in 2022).
- 5-year average
- 2.1%
- 10-year average
- 2%
- All-time high (2022)
- 7.8%
- All-time low (2020)
- 0%
Trend
Inflation shows an upward trend. Compared to 2021, inflation has risen by +6.5 percentage point.
- Change vs. previous year
- +6.5 percentage points
- Largest monthly swing
- October: +8.3 percentage points
ECB Target
Inflation is 5.8% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €107.80 next year at this inflation rate.
Multi-year trend
Monthly figures 2022
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2021 |
|---|---|---|
| January | 3.3% | +3.0 |
| February | 4.2% | +3.7 |
| March | 5.3% | +4.8 |
| April | 7.2% | +6.6 |
| May | 8.0% | +6.8 |
| June | 8.7% | +8.2 |
| July | 9.1% | +7.6 |
| August | 8.9% | +7.4 |
| September | 9.3% | +7.8 |
| October | 10.1% | +8.3 |
| November | 9.9% | +7.3 |
| December | 9.6% | +6.9 |
| Average | 7.8% |
Data source
Data from OECD. Last updated: 13/01/2026.