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Inflation rises 0.54% in January, the highest for the month since 2016

Section: Economic Statistics | Alerrandre Barros

February 09, 2022 09h00 AM | Last Updated: February 10, 2022 12h55 PM

#pracegover a foto mostra uma gôndola de supermercado com vária bandejas de carne embaladas em plástico
Rise in food, like in meat, impacted the month´s index - Photo: Helena Pontes/IBGE News Agency

After staying at 0.73% in December, the inflation decelerated to 0.54% in January. This was the highest figure for January since 2016 (1.27%). Over the last 12 months, the indicator accumulates a rise of 10.38%, above the rate of 10.06% recorded in the immediately previous 12 months.  In January 2021, the monthly change had been 0.25%. The data are from the Extended National Consumer Price Index - IPCA, released today (9) by the IBGE.


The result was mainly influenced by food and beverages (1.11%), which impacted the most on the month´s index (0.23 p.p.). “Food at home (1.44%) influenced this rise. More than food away from home, which decelerated from 0.98% to 0.25%. The major highlights were meat (1.32%) and fruits (3.40%). Although they decelerated in relation to the previous month, they exerted the major impacts on this group, 0.04 p.p. and 0.03 p.p., respectively,” explains André Filipe Almeida, an analyst of the survey.

Moreover, the prices of ground coffee (4.75%) increased for the 11th consecutive month, accumulating a rise of 56.87% in the last 12 months. Other highlights were carrots (27.64%), onions (12.43%), potatoes (9.65%) and tomatoes (6.21%). On the other hand, the major retreats were registered in the prices of rice (-2.66%), whole chicken (-0.85%) and chicken pieces (-0.71%).

Transportation retreats after rise in December

The deceleration of the month´s index was leveraged by  transportation, the group with the highest weight in the IPCA, which retreated 0.11% after rising 0.58% in December. That was the only one of the nine groups of products and services surveyed to drop in January.

This retreat is mainly due to the drop in the prices of airfare (-18.35%) and fuels (-1.23%). Besides gasoline (-1.14%), the prices of ethanol (-2.84%) and vehicular gas (-0.86%) also dropped. Diesel fuel (2.38%) was the only one to rise in January. Other negative highlights were ride sharing apps (-17.96%) and car rental (-3.79%).

“The drop in airfare can be explained by the seasonal component,” explains André Filipe Almeida. “Concerning fuels, the negative adjustments applied in December by Petrobras in the refineries help to understand the retreat in the prices in January,” adds the IPCA´s analyst.

In housing (0.16%), the prices decelerated in relation to the previous month (0.74%), mainly due to the retreat in electricity (-1.07%), though the Water Scarcity flag is still in force, adding R$14.20 to the electricity bills at each 100 kWh consumed. PIS/COFINS, ICMS and the street lighting fare also changed in some areas surveyed.

In January, the prices of bottled gas (-0.73%) declined for the first time after 19 consecutive months of rises. In 12 months, the bottle accumulates a rise of 31.78%.

Among the other groups, the highest change came from household articles (1.82%), highlighted by household appliances and equipment (2.86%), furniture (2.41%) and TV, sound and computers (1.38%), whose prices accelerated in relation to December. Altogether, those items contributed with 0.06 p.p. to the January´s IPCA. The groups of wearing apparel (1.07%) and communication (1.05%) also rose. The others stayed between the rate of 0.25% in education and 0.78% in personal expenses.

IPCA retreats only in Porto Alegre

Except for Porto Alegre (-0.53%), all the areas surveyed rose in January. The highest change occurred in the municipality of Aracaju (0.90%), due to tomatoes (34.90%) and fruits (6.41%). In the metropolitan area of Porto Alegre (-0.53%), the prices of electricity (-6.81%) and gasoline (-6.20%) dropped.

INPC was 0.67% in January

The National Consumer Price Index (INPC) rose 0.67% in January, below the result of the previous month (0.73%) and the highest change for January since 2016 (1.51%). Over the last 12 months, the indicator accumulates a rise of 10.60%, above the rate of 10.16% recorded in the previous 12 months.  The rate had been 0.27% in January 2021.

Food products accelerated from 0.76% in December to 1.08% in January. In contrast, non-food products recorded a lower change than in the previous month, changing from 0.72% in December to 0.54% in January.

All the areas surveyed registered positive changes in January, except for Porto Alegre (-0.52%). The highest change was in Aracaju (0.96%), influenced by the rises in tomatoes (34.90%) and fruits (7.22%). The negative change in the metropolitan area of Porto Alegre (-0.52%) was mainly due to the drops in electricity (-6.62%) and gasoline (-6.20%).

More about the surveys

The IPCA encompasses households with earnings between 1 and 40 minimum wages, whereas the INPC, households with earnings between 1 and 5 minimum wages, living in the metropolitan areas of Belém, Fortaleza, Recife, Salvador, Belo Horizonte, Vitória, Rio de Janeiro, São Paulo, Curitiba, Porto Alegre, as well as in the Federal District and in the municipalities of Goiânia, Campo Grande, Rio Branco, São Luís and Aracaju. Please access the data at Sidra. And get to know more about the IPCA on IBGE Explica.

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