Portugal’s annual inflation rate rose to 3.6% in September 2026, marking the highest reading since August 2023, from 3.3% in August 2026, confirming the preliminary estimate. The increase was mainly driven by higher fuel costs, with energy prices up 15.3% from 12.2% in August. Transport prices were the main upward contributor (8.2% vs 6.4%), followed by restaurants and accommodation services (7.2% vs 6.2%). Unprocessed food prices also picked up to 3.7% from 3.4%. Core inflation, which excludes energy and unprocessed food, rose to 2.7% from 2.6%. On a monthly basis, consumer prices increased 1.2% after no change in August, as clothing prices jumped 21.5% with the start of the autumn/winter season. Meanwhile, harmonised inflation held at 3.6%, well above the ECB’s 2% target.