In September 2026

Twelve-month average rate of change of the Consumer Price Index (CPI) stood at 3.8%, with the year-on-year rate of change accelerating to 4.6%

In September 2026, in the Autonomous Region of Madeira (ARM), the twelve-month average change in the Consumer Price Index (CPI) stood at 3.8%, 0.1 percentage points (pp) higher than in the previous month.

The underlying inflation indicator, which excludes unprocessed food and energy products, stood at 3.3%, an increase of 0.1 pp compared with the previous month.

Prices of goods rose by 2.6%, while prices of services recorded a more pronounced increase of 5.2%.

The largest positive changes were observed in the classes “Restaurants and accommodation services” (7.6%), “Transport” (6.8%) and “Housing, water, electricity, gas and other fuels” (4.1%). Conversely, the class “Information and communication” recorded the sharpest negative change (-1.7%).

At the national level, the twelve-month average change in the CPI was 2.8%, compared with 2.7% in the previous month.

In year-on-year terms, i.e. comparing September 2026 with the same month of 2025, prices changed by 4.6% in the ARM (3.6% in Portugal), an increase of 0.5 pp compared with the previous month.

The largest positive year-on-year changes were observed in “Transport” (10.7%), “Restaurants and accommodation services” (7.4%) and “Housing, water, electricity, gas and other fuels” (4.6%). Conversely, “Information and communication” was the only class to record a negative year-on-year rate of change (-1.8%).

Among the aggregates, “Energy products” stand out, recording a year-on-year price change of 17.1%. Prices of goods and services, in turn, increased by 3.5% and 5.8%, respectively.

The classes “Transport” (+2.1 pp) and “Restaurants and accommodation services” (+0.8 pp) made the largest contributions to the year-on-year change in the CPI.

In monthly terms, September 2026 saw a change of 1.2% in the ARM, following a decrease of 0.6% in the previous month. In Portugal, the month-on-month change in the CPI was 1.2%, following no change in August 2026.

In September 2026, the average value of housing rents per square metre of usable floor area in the Region changed by 0.6% compared with the previous month and by 6.9% in year-on-year terms, with both rates of change remaining unchanged from the previous month.

For more information, please refer to:

• In Focus (Portuguese only)
• Publications (Portuguese only)
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