Portugal’s annual inflation rate rose to 3.6% in September 2026, up from 3.3% in August, according to a preliminary estimate. It was the highest rate since August 2023, driven mainly by a sharp rise in fuel prices, with energy inflation accelerating to 15.4%, its strongest increase since December 2022. Unprocessed food inflation also edged up to 3.6% from 3.4%, while processed food inflation was little changed at 1.4%. Core inflation, excluding energy and unprocessed food, rose to 2.7% from 2.6%, its highest level in nearly two years. The EU-harmonized inflation rate stood at 3.6%, its highest since May 2024 and well above the ECB’s 2% target.