Inflation · Portugal
Portugal inflation forecast
Inflation (CPI, annual %)
Model run: Sep 28, 2026 · TimesFM 2.5
12 months forecast · 2026
2.4%
Median forecast · p10-p90: 0.4% to 5.9%
24 months forecast · 2027
2.4%
Median forecast · p10-p90: 0.3% to 6.4%
36 months forecast · 2028
2.5%
Median forecast · p10-p90: 0.3% to 6.8%
Latest observed: 2.3% · 2025
Choose a horizon
The median and range update together.
History & forecast
White: observed history. Blue: forecast median. Shaded: p10-p90 model range.
Display-only line. World Bank data is annual: the forecasts are the yearly points marked on the chart. The monthly line between them is a straight-line interpolation for display, not a monthly forecast.
All values in CPI, annual %
Model validation
| Horizon | Tests | Model errorModel | No-change errorNo change | Band coverageCoverage |
|---|---|---|---|---|
| 12 months | 5 | 2.06 pp | 2.67 pp | 80.0% |
| 24 months | 4 | 3.60 pp | 4.57 pp | 50.0% |
| 36 months | 3 | 2.59 pp | 3.66 pp | 66.7% |
In these tests the model had lower average error than a no-change forecast at all 3 horizons. Rolling backtests of this model on the latest revised history; overlapping forecast errors are not independent. The p10-p90 band is a model range, not a calibrated guarantee. Methodology · Forecast audit
Evidence & context
Source data
Source & observed data
| Year | Value | Change |
|---|---|---|
| 2025 | 2.3% | −0.08 pp |
| 2024 | 2.4% | −1.90 pp |
| 2023 | 4.3% | −3.52 pp |
| 2022 | 7.8% | +6.57 pp |
| 2021 | 1.3% | +1.28 pp |
| 2020 | −0.0% | −0.35 pp |
| 2019 | 0.3% | −0.66 pp |
| 2018 | 1.0% | −0.37 pp |
| 2017 | 1.4% | +0.76 pp |
| 2016 | 0.6% | +0.12 pp |
Sources & limits
Source: World Bank, World Development Indicators · FP.CPI.TOTL.ZG. Methodology · Forecast audit
Historical context
Outside the model
What could change this forecast?
A small, dated reading list. TimesFM sees the data series, not these stories. This context is not a trading signal.
No recent item selected for this series. We would rather leave this quiet than fill it with a weak match.
Selected for relevance, not a claim of causation. Source dates stay visible. Original reporting remains with its publisher.