Portugal: Producer Inflation Highest Since 2023.

Portugal’s industrial producer inflation accelerated to 5.8% year-on-year in July 2026, the highest level since February 2023, up from an upwardly revised 5.1% in June. The acceleration was mainly driven by stronger price growth for energy goods, remaining elevated at 15.8% after a 12.7% rise in the prior month, non-durable consumer goods (1.9% vs 1.3%), intermediate goods (6.5% vs 6.3%), and capital goods (2.3% vs 2.2%). By sector, price growth rebounded sharply in utilities to 8.1%, following a 1.7% decline in June, while easing in mining (73% vs 74.3%), although remaining elevated, and manufacturing (4.8% vs 4.9%). On a monthly basis, producer prices rose 0.8%, slowing from an upwardly revised 0.9% increase in June.