Inflation Portugal 2024
Average inflation: 2.4%
Current Inflation
Inflation is normal at 2.4%, around the ECB target.
Peak and Trough
The highest inflation was in May at 3.1%. The lowest inflation was in August at 1.9%.
- Highest month
- May: 3.1%
- Lowest month
- August: 1.9%
- Difference
- 1.2 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Housing, water, electricity, gas and other fuels with an average of 6.6%. The lowest price increase was in Furnishings, household equipment and maintenance with an average of -1.6%.
- Highest increase
- Housing, water, electricity, gas and other fuels: 6.6%
- Lowest increase
- Furnishings, household equipment and maintenance: -1.6%
Historical Context
Current inflation is 0.8% lower than the 5-year average of 3.2%.
- 5-year average
- 3.2%
- 10-year average
- 2%
- All-time high (2022)
- 7.8%
- All-time low (2009)
- -0.8%
Trend
Inflation shows a downward trend. Compared to 2023, inflation has fallen by +2.0 percentage point.
- Change vs. previous year
- -2.0 percentage points
- Largest monthly swing
- January: -6.1 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 2024
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2023 |
|---|---|---|
| January | 2.3% | -6.1 |
| February | 2.1% | -6.1 |
| March | 2.3% | -5.1 |
| April | 2.2% | -3.5 |
| May | 3.1% | -0.9 |
| June | 2.8% | -0.6 |
| July | 2.5% | -0.6 |
| August | 1.9% | -1.8 |
| September | 2.1% | -1.5 |
| October | 2.3% | +0.2 |
| November | 2.5% | +1.0 |
| December | 3.0% | +1.6 |
| Average | 2.4% |
Data source
Data from OECD. Last updated: 10/01/2026.