Inflation Portugal 2023
Average inflation: 4.4%
Current Inflation
Inflation is high at 4.4%, well above the ECB target.
Peak and Trough
The highest inflation was in January at 8.4%. The lowest inflation was in December at 1.4%.
- Highest month
- January: 8.4%
- Lowest month
- December: 1.4%
- Difference
- 7.0 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 10.4%. The lowest price increase was in Housing, water, electricity, gas and other fuels with an average of -0.8%.
- Highest increase
- Food and non-alcoholic beverages: 10.4%
- Lowest increase
- Housing, water, electricity, gas and other fuels: -0.8%
Historical Context
Current inflation is 1.6% higher than the 5-year average of 2.8%.
- 5-year average
- 2.8%
- 10-year average
- 1.7%
- All-time high (2022)
- 7.8%
- All-time low (2009)
- -0.8%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -3.4 percentage point.
- Change vs. previous year
- -3.4 percentage points
- Largest monthly swing
- November: -8.4 percentage points
ECB Target
Inflation is 2.4% 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 €104.40 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 8.4% | +5.1 |
| February | 8.2% | +4.0 |
| March | 7.4% | +2.1 |
| April | 5.7% | -1.5 |
| May | 4.0% | -4.0 |
| June | 3.4% | -5.3 |
| July | 3.1% | -6.0 |
| August | 3.7% | -5.2 |
| September | 3.6% | -5.7 |
| October | 2.1% | -8.0 |
| November | 1.5% | -8.4 |
| December | 1.4% | -8.2 |
| Average | 4.4% |
Data source
Data from OECD. Last updated: 10/01/2026.