The inflation rate slowed to 3.0% in July, year-on-year, compared with 3.2% in the previous month, according to data released this Wednesday by Statistics Portugal (INE), confirming the flash estimate. “The year-on-year change in the Consumer Price Index (CPI) was 3.0% in July 2026, a rate 0.2 percentage points (p.p.) lower than that recorded in the previous month”, INE states. The core inflation indicator, which excludes unprocessed food and energy products, recorded a year-on-year rate of change of 2.6% in July, 0.1 percentage points higher than in June. According to INE, the change in the energy products index slowed to 8.7%, after 9.1% in June, and the unprocessed food products index decelerated from 5.1% to 3.7%.