Portugal: energy inflation rate by commodity 2024

Liquid fuel price inflation in Portugal peaked in June 2022, with the HICP standing at 62.5 percent. By comparison, gas inflation rate peaked in October 2022 at 74 percent. Overall, the inflation rates of energy commodity prices in Portugal began to increase significantly in 2021. These increases in inflation were driven further by Russia's invasion of Ukraine, which has caused uncertainty over Europe's security of gas supply, as well as intense energy price volatility.

Harmonized index of consumer prices (HICP) energy inflation rate in Portugal from January 2019 to November 2024, by commodity

Characteristic	Energy	Gas	Liquid fuels	Electricity
Nov '24	1.9%	-2.3%	-6.1%	11.1%
Oct '24	-0.5%	-2.9%	-10.8%	11.1%
Sep '24	-3.9%	-8.6%	-12.3%	9.5%
Aug '24	-1.8%	-8.2%	-7.6%	9.5%
Jul '24	4.2%	-8.2%	6.5%	9.5%
Jun '24	9.2%	-10%	8.8%	25.9%
May '24	7.9%	-10.9%	12.6%	15.9%
Apr '24	8%	-11.7%	11.4%	17%
Mar '24	4.8%	-18.1%	7.9%	17.4%
Feb '24	4.3%	-18.6%	6.2%	18.3%
Jan '24	0%	-18.8%	-1.6%	14.9%
Dec '23	-10.3%	-23%	0.7%	-16.2%
Nov '23	-12.2%	-23.5%	-4.3%	-15.6%
Oct '23	-11.8%	-22.8%	-4.7%	-15.3%
Sep '23	-3.8%	15.7%	-3.1%	-16.9%
Aug '23	-6.3%	12.1%	-7%	-16.9%
Jul '23	-15%	7.8%	-22.2%	-17.9%
Jun '23	-18.8%	7.9%	-25.6%	-21.5%
May '23	-15.5%	8.5%	-21.8%	-20.3%
Apr '23	-12.8%	22.7%	-15.2%	-16.3%
Mar '23	-4.5%	51.2%	-8.9%	-5.3%
Feb '23	2%	54.7%	8.4%	-6%
Jan '23	7.2%	56.9%	18%	-2.8%
Dec'22	20.7%	70.2%	21%	29%
Nov'22	24.7%	72.6%	29.5%	28%
Oct'22	27.6%	74.2%	38.1%	27.6%
Sep'22	22.3%	26.1%	46.1%	31.8%
Aug '22	24.1%	29.6%	47.1%	32.1%
Jul '22	31.3%	36.1%	57.5%	35.6%
Jun '22	31.9%	39.8%	62.5%	23.6%
May '22	27.6%	41.1%	53.6%	23.6%
Apr '22	27.1%	27.1%	51%	17.7%
Mar '22	20.1%	16.9%	44.9%	5.3%
Feb '22	15.2%	15.8%	30.1%	5.6%
Jan '22	12.3%	11.6%	28.2%	5.6%
Dec '21	11.4%	9.6%	26.8%	2.6%
Nov '21	14.6%	8.9%	35.9%	2.6%
Oct '21	13.7%	7.5%	33.8%	2.8%
Sep '21	10.8%	3.8%	23.5%	2.3%
Aug '21	9.6%	3.3%	19%	2%
Jul '21	9%	0.6%	19.5%	0.6%
Jun '21	9.3%	0.5%	21.1%	-0.2%
May '21	10.3%	-0.6%	25.1%	-0.2%
Apr '21	8.4%	1.8%	18.8%	-0.2%
Mar '21	2.5%	-5.5%	6.8%	-0.9%
Feb '21	-3.1%	-6.4%	-5.7%	-1.1%
Jan '21	-4.6%	-3.9%	-13.4%	-1.2%
Dec '20	-5.1%	-3.3%	-13%	-1.3%
Nov '20	-6.2%	-3.1%	-15.8%	-1.2%
Oct '20	-6.2%	-3.1%	-16.7%	-1.4%
Sep '20	-5.8%	-3.4%	-15.6%	-1.3%
Aug '20	-5.1%	-3.8%	-12.7%	-1.3%
Jul '20	-5.5%	-2.7%	-13.1%	-1.4%
Jun '20	-7.6%	-5.3%	-15.8%	-2.2%
May '20	-11.3%	-4.9%	-23.1%	-2.3%
Apr '20	-9.7%	-7.8%	-19.2%	-2.3%
Mar '20	-3.7%	-1.1%	-9.2%	-1.7%
Feb '20	1%	-0.6%	1.3%	-1.7%
Jan '20	3.3%	-1%	10.2%	-2%
Dec '19	0.1%	-2.4%	5.6%	-4.9%
Nov '19	-3.2%	-2.9%	-2%	-5%
Oct '19	-4.4%	-2.9%	-3.2%	-4.8%
Sep '19	-3.8%	-1.5%	-0.3%	-5%
Aug '19	-3.5%	-1.1%	0.3%	-5%
Jul '19	-2.7%	-0.5%	0.7%	-4.8%
Jun '19	-2.5%	1.4%	-0.2%	-3.7%
May '19	0.1%	2.1%	5.4%	-3.6%
Apr '19	1.2%	2.4%	8.3%	-3.6%
Mar '19	1.4%	1.6%	10.1%	-3.5%
Feb '19	-0.7%	1%	6.3%	-3.7%
Jan '19	-2.2%	1.1%	0.8%	-3.3%

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Release date

December 2024

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Region

Portugal

Survey time period

January 2019 to November 2024

Supplementary notes

According to the source, the Harmonized Indices of Consumer Prices (HICP) measure changes in the prices of consumer goods and services over time. These indices provide comparable measures of inflation.

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Energy price inflation rate in Portugal 2019-2024, by commodity