Modern Food Retail
In 2025, the Portuguese Food Retail market recorded growth in sales at current prices. Food inflation showed an upward trend throughout the year, closing the period with a year-on-year average rate of 2.8%.
The national minimum wage was raised to 870 euros in January 2025 (6.1% more than in the previous year), helping to mitigate the impact of inflation on household disposable income.
PORTUGAL – Food Retail Sales Index & Food Inflation
Current Prices
Wholesale Market
In 2025, the HoReCa channel in Portugal recorded sustained activity growth, supported by several consecutive years of increasing tourism demand, despite a challenging operational environment characterised by rising costs and pressure on margins.
This momentum was largely driven by the performance of domestic tourism, which reached a new record of 82.1 million overnight stays (an increase of 2.2% compared with 2024). With solid growth compared to the previous year, tourist flows were the main driving force behind the HoReCa channel, especially in the hotel segment.
Sources: OCDE; Banco de Portugal Economic Bulletins; Portuguese Ministry of Finance; Portuguese Statistics Office (INE); Bank of Poland Economic Bulletins; Central Statistical Office (GUS); Banco de la República (Colombian Central Bank); Colombia National Administrative Department of Statistics (DANE); Statistical Office of the Slovak Republic; Fedesarrollo; PMR Market Research; Fitch BMI; BMP; ISBIZNES; PORTAL SPOZYWCZY; Hatimeria; AHRESP, Distribuição Hoje.
Note: All macroeconomic data presented in this subchapter are based on the latest available information at the closing date of this report.