Inflation rates by country and year

-0.8%7.1%15.1%23.1%31%
-0.8%7.1%15.1%23.1%31%
19603.0%
19929.6%
20252.3%
Source: World Bank

Data: World Bank, annual %. For information only — not financial advice.

Year2025Inflation Rate2.3%

Behind the curve

Turning points in Portugal

  1. 1973↑ Upward pressure

    The first oil crisis — Wikipedia (opens in a new tab)

    The 1973–74 oil shock coincided with Portugal's 1974 revolution, rapid wage growth and fiscal expansion, amplifying imported-cost pressures and setting up the late-1970s inflation crisis.

    IMF · Stabilization Policy in Portugal, 1974–78
  2. 1977↑ Upward pressure

    Devaluation and the inflation peak — Wikipedia (opens in a new tab)

    After the oil shock, revolution and loss of colonial markets, Portugal's external deficit and monetary expansion intensified inflation; the 1977 stabilization effort included escudo depreciation and tighter financial policy.

    IMF · Economic Stabilization and Growth in Portugal
  3. 2009↓ Downward pressure

    The global financial crisis — Wikipedia (opens in a new tab)

    The global downturn weakened activity and energy prices, pulling Portuguese inflation sharply lower after the 2008 commodity shock.

    IMF · Portugal: 2009 Article IV Consultation
  4. 2020↓ Downward pressure

    Lockdowns and falling demand — Wikipedia (opens in a new tab)

    The pandemic weakened demand and energy prices, leaving Portugal with very low price growth in 2020.

    IMF · Portugal: 2022 Article IV Consultation
  5. 2022↑ Upward pressure

    Energy, transport and food prices — Wikipedia (opens in a new tab)

    High energy and food prices and the quick rebound in services pushed Portugal’s inflation to a peak of 10.6% in October 2022.

    OECD · Portugal economic survey, 2023 IMF · Portugal Article IV, 2022

These are selected historical influences, not a complete account of inflation. An upward-pressure event can coincide with a peak when its inflationary effect has already occurred or when other forces begin pushing inflation lower. The markers show the years in which events occurred, although their effects may extend into later years.

What is the inflation in Portugal?

The annual inflation rate in Portugal was 2.3% in 2025, the most recent year in the World Bank dataset. That means prices rose 2.3% on average compared with the year before. Use the chart above to explore Portugal's full inflation history from 1960 to 2025, and to compare it with any other country.

How inflation in Portugal has changed

Inflation in Portugal peaked at 31.0% in 1977 and reached its lowest point at -0.8% in 2009. Averaged across the 66 years of available data (1960–2025), the rate has been 7.7% per year.

Frequently asked questions about inflation in Portugal

What is the current inflation rate in Portugal?

The latest available annual figure is 2.3% in 2025, from the World Bank. Because the figures are reported annually, they may not reflect the most recent monthly reading published by Portugal's statistical office.

What was the highest inflation rate in Portugal?

The highest annual inflation rate on record is 31.0%, reached in 1977.

What was the lowest inflation rate in Portugal?

The lowest annual inflation rate on record is -0.8%, recorded in 2009.

Where does the inflation data for Portugal come from?

All figures come from the World Bank's World Development Indicators (indicator FP.CPI.TOTL.ZG), which report annual consumer price inflation for more than 200 countries and territories from 1960 onward.