FX.co ★ Portugal’s CPI Swings Back Into Positive Territory in February

Portugal’s consumer price index (CPI) edged back into positive territory in February 2026, signaling a sharp turnaround in month-over-month price dynamics after a brief deflationary spell at the start of the year.

According to data updated on 27 February 2026, the CPI rose 0.1% in February compared with the previous month. This follows a 0.7% decline in January 2026 on a month-over-month basis, highlighting a significant shift from falling to slightly rising prices. The February reading suggests that price pressures, while still very subdued, have stabilized after January’s negative print.

The comparison is based on month-over-month changes: February’s “actual” figure reflects the change relative to January, while the “previous” figure tracks January’s change against December. Investors and policymakers will be watching upcoming releases to see whether this modest rebound marks the start of a more sustained normalization in Portugal’s inflation path or merely a temporary correction after January’s drop.