Portugal’s industrial producer inflation rose to 7.2% year-on-year in August 2026, the highest level since February 2023, marking the second consecutive month of acceleration and rising sharply from a downwardly revised 5.7% in July. Energy inflation surged to 22.8% from 15.8% in the previous month, as global oil prices resumed their upward trend during the month. Meanwhile, inflation also accelerated for consumer goods (2.1% vs 1.6%), reflecting higher prices for durable (2.5% vs 0.7%) and non-durable (2% vs 1.7%) consumer goods, as well as intermediate goods (7.4% vs 6.4%). In contrast, inflation for capital goods eased to 1.4% from 2.3%. By sector, inflation rose most sharply for utilities (12.8% vs 8.1%) and manufacturing (5.9% vs 4.7%), while easing slightly for mining (72.5% vs 73%), although remaining elevated. On a monthly basis, producer prices rose 0.8%, matching July’s pace.