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Industry inflation accelerates to 3.13% in March

Section: Economic Statistics | Irene Gomes

April 28, 2022 09h00 AM | Last Updated: April 29, 2022 12h04 PM

International prices of petroleum influence industrial inflation in March - Photo: André Valentim/Agência Petrobras

Prices in the industrial sector in March 2022 accelerated to 3.13% from the previous month, after rising 0.54% in February compared to January. In the index that registers the last 12 months, the rate was 18.31%, falling in relation to that of February (20.02%). In the cumulative index of the year, prices in industry increased by 4.93%, down from the first quarter of 2021 (13.92%). The data are from the Producer Price Index (IPP), released today (April 28) by the IBGE.

The IPP measures the change in "factory-gate" prices of products, that is, without taxes and freight, of 24 activities in the mining and quarrying and manufacturing industries. Of these, 16 showed a rise in March.

The biggest influences came from petroleum refining and biofuels (1.23 pp), food (0.71 pp), mining and quarrying industries (0.61 pp) and other chemical products (0.57 pp). “These four activities accounted for 3.12 pp, almost the entire index”, emphasizes IPP manager Manuel Campos.
He explains that this increase of 3.13% in the IPP in March was largely due to costs and international movement, starting with the price of the barrel of oil. “When the price of barrels increases, the price of derivatives increases. Prices in the petroleuml refining and biofuels sector increased by 10.84% ​​in March, with a highlight for diesel and gasoline”, he comments.

“Furthermore, prices in mining and quarrying industries also increase, as crude oil is a commodity with a quoted price on the international market”, he explains. In March, prices in mining and quarrying industries increased by 10.69%, the third consecutive rise.

The sector of other chemicals, on the other hand, had a price rise of 5.75%, the highest since October 2021, when it reached 6.42%. “The results observed are mainly linked to international prices, with an impact on the acquisition costs of raw materials, especially products related to fertilizers and herbicides, which were responsible for more than 90% of the increase in the sector”, says Campos.

In the case of the food industry, there were increases in the prices of poultry meat, soybean residues and milk. “The change in the food sector was 3.01% and this is the sector with the greatest weight in the survey, approximately 23%”, explained the manager.

Campos highlights that the cumulative rate in the first quarter of 2022 (4.93%) has rates lower than those of the first quarter of 2021 (13.92%). “At that time, prices rose due to the resumption of economic activities in a disorganized production chain, in addition to dollar appreciation and increase of the barrel of oil. In 2022, we are also influenced by the barrel of oil, however, the dollar held it, with a devaluation of 4.4% against the real in March”, he contextualizes.

More about the survey

The IPP tracks the average change in sales prices received by domestic producers of goods and services, and its evolution over time, signaling short-term inflationary trends in the country. It is an essential indicator for macroeconomic monitoring and a valuable analytical tool for decision makers, either public or private.

The survey investigates, in just over 2,100 enterprises, the prices received by producers, exempt from taxes, tariffs and freights and defined according to the most usual commercial practices. About 6 thousand prices are collected monthly. The complete IPP tables are available on Sidra.

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