Makrognosis

Portugal National HICP (IPCA / Índice de Precios de Consumo Armonizado)

MonthlyNot seasonally adjustedCode PT.IPCA.M.NSA

Latest (y/y)3.9%October 2026
Previous (y/y)3.6%September 2026
Level105.1October 2026

Portugal National HICP (IPCA / Índice de Precios de Consumo Armonizado) was up 3.9% year on year in October 2026, compared with 3.6% in September 2026.

The level stood at 105.1 (Index 2025=100).

That is the highest reading since September 2023.

Among the 17 economies Makrognosis covers on this measure, it is the 9th highest.

Over the past ten years it has ranged from −0.8% (Sep 2020) to 10.6% (Oct 2022), averaging 2.5%.

Portugal National HICP (IPCA / Índice de Precios de Consumo Armonizado), annual % change, Jan 1997 – Oct 2026−2.5%0.0%2.5%5.0%7.5%10.0%200020052010201520202025Robomacro
Portugal National HICP (IPCA / Índice de Precios de Consumo Armonizado), annual % change, Jan 1997 – Oct 2026. Source: INE_PT.
Portugal National HICP (IPCA / Índice de Precios de Consumo Armonizado), level (Index 2025=100)406080100200020052010201520202025Robomacro
Portugal National HICP (IPCA / Índice de Precios de Consumo Armonizado), level (Index 2025=100).

Showing the full history (downsampled for display). Open the interactive chart to zoom and switch transforms.

Recent data

PeriodValueY/Y %
October 2026105.13.9
September 2026105.23.6
August 2026104.13.6
July 2026103.83.1
June 2026104.13.1
May 2026104.03.1
April 2026103.63.3
March 2026101.62.7
February 202699.352.1
January 202699.241.9
December 2025100.32.4
November 2025100.32.1
October 2025101.22.0
September 2025101.51.9
August 2025100.52.5
July 2025100.62.5
June 2025101.02.1
May 2025100.91.7
April 2025100.22.1
March 202598.971.9
February 202597.302.5
January 202597.372.7
December 202497.923.1
November 202498.202.7

Last 24 observations. The full history (370 observations) is available through the API.

Get Portugal National HICP (IPCA / Índice de Precios de Consumo Armonizado) in your code or spreadsheet

One guessable code, agency-direct, updated on release. Free tier available.

curl -H "X-API-Key: $MAKROGNOSIS_KEY" \
  "https://makrognosis.robomacro.com/v1/series/PT.IPCA.M.NSA"

# Python
import requests
r = requests.get("https://makrognosis.robomacro.com/v1/series/PT.IPCA.M.NSA",
                 headers={"X-API-Key": KEY})
obs = r.json()["observations"]
Get a free API key → · API docs

About this series

Latest observationOctober 2026
First observationJanuary 1996
Observations370
FrequencyMonthly
UnitsIndex 2025=100
AdjustmentNot seasonally adjusted
10-year high10.6% (Oct 2022)
10-year low−0.8% (Sep 2020)
10-year average2.5%
Source agencyINE_PT
Makrognosis codePT.IPCA.M.NSA

National HICP (IPCA / Índice de Precios de Consumo Armonizado): how Portugal compares

#EconomyPeriodLatest
1RomaniaAug 20266.3%
2GreeceOct 20265.7%
3BulgariaSep 20265.6%
4ItalyOct 20265.6%
5CyprusSep 20265.2%
6SpainSep 20265.0%
7LuxembourgOct 20264.9%
8CroatiaSep 20264.3%
9PortugalOct 20263.9%
10SloveniaOct 20263.8%
11FranceOct 20263.8%
12EstoniaOct 20263.6%
13AustriaSep 20263.6%
14NetherlandsOct 20263.3%
15LatviaOct 20263.1%
16MaltaSep 20262.4%
17SwedenOct 20260.6%

National HICP (IPCA / Índice de Precios de Consumo Armonizado) by country: all 17 economies ranked →

Other Portugal indicators

Portugal GDP (Gross Domestic Product)Portugal Gross domestic product, Current prices, million EURPortugal Inflation Rate (CPI)Portugal Core Inflation RatePortugal Unemployment RatePortugal 10-Year Government Bond YieldPortugal Credit Rating & Sovereign Risk ScorePortugal Industrial ProductionPortugal Retail SalesPortugal Current account balance (BPM6, vs rest of world), not seasonally adjustedPortugal Current account balance, % of GDPPortugal Trade Balance: Goods & ServicesPortugal Exports of goods and services, Current prices, million EURPortugal Exports of goods and services, chain-linked volumePortugal Exports of goods, total trade (World), seasonally adjustedPortugal Imports of goods and services, Current prices, million EUR

FAQ

What is the current national HICP (IPCA / Índice de Precios de Consumo Armonizado) in Portugal?
The latest reading is 3.9% year on year for October 2026, published by INE_PT.
Where does this data come from?
It is collected directly from INE_PT and is available through the Makrognosis API under the code PT.IPCA.M.NSA.

Last updated 2026-11-12. Source: INE_PT. Original title: “Portugal HICP (INE national publication), overall index 2025=100 (varcd 0014652 special aggregates Total; Eurostat HICP remains on PT.CPI.M.NSA)”.