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Inflation decelerates, rate is 0.23% in May

Section: Economic Statistics | Caio Belandi

June 07, 2023 09h00 AM | Last Updated: June 07, 2023 11h55 AM

As the group with the highest weight in the Brazilian official inflation, the price of food decelerated in May - Picture: IBGE Archive

The inflation preview stood at 0.23% in May, 0.38 percentage points (p.p.) below the rate of 0.61% registered in April. The data are from the Extended National Consumer Price Index (IPCA), released today (7) by the IBGE. The cumulative rise of the IPCA in 2023 is 2.95%. In the last 12 months, the index is 3.94%. The change in the inflation had been 0.47% in May 2022.

The groups of Transportation (-0.57%) and of Household articles (-0.23%) were the only ones whose the IPCA dropped in May. In the former, the prices of airfare (-17.73%) stand out, as well as the result for fuels (-1.82%), due to the drops in diesel fuel (-5.96%), gasoline (-1.93%) and vehicular gas (-1.01%).

The deceleration of the index in May was also influenced by the result of the group of Food and beverages, which changed from 0.71% in April to 0.16% in May, explains André Almeida, an analyst of the survey. “As the group with the highest weight in the index, it influences a lot the overall result.”


The major highlight was food at home, which changed from 0.73% in the previous month to a stability in May. This group recorded a drop in the prices of fruits (-3.48%), soybean oil (-7.11%) and meat (-0.74%). On the other hand, the inflation of tomatoes (6.65%), long-life milk (2.37%) and French bread (1.40%) stood out on the rising side. “In the cases of tomatoes and milk, the price increases are related to a smaller supply,” explains Almeida.

All the other six groups rose their prices. The inflation in Health and personal care registered the biggest impact (0.12 p.p.) and the highest change (0.93%), highlighted by health insurance plans (1.20%) and items of personal hygiene (1.13%), especially influenced by the rise in the sub-item perfumes (3.56%). Having risen 0.89%, pharmaceuticals also contributed to the result, after the authorization of the adjustment of 5.60% in the price of medicines, in effect since March 31.

Having risen 0.67%, the group of Housing contributed to the rise of the May´s IPCA. “The prices of water and sewage and of electricity, which were adjusted in some capitals, influenced,” justifies the analyst of the survey. The major contribution (0.05 p.p.) came from water and sewage fees, which changed 2.67%, due to the adjustments applied in six areas included in the index (Recife, São Paulo, Aracaju, Curitiba, Belém and Goiânia). The change in residential electricity (0.91%) contributed with 0.04 p.p., mainly due to the adjustments applied in six capitals (Salvador, Recife, Fortaleza, Campo Grande, Belo Horizonte and Aracaju).

Concerning the regional indexes, only one area recorded a deflation in the May´s IPCA: São Luís (-0.38%), influenced by the drops of 7.63% in whole chicken and of 5.87% in gasoline. The highest change was in Fortaleza (0.56%), especially influenced by games of chance (12.18%) and residential electricity (3.71%).

INPC rises 0.36% and decelerates in May as well

The National Consumer Price Index (INPC) was released today as well. The change in May was 0.36%, below that registered in April (0.53%). In the year, the INPC accumulates a rise of 2.79% and, in the last 12 months, of 3.74%. In May 2022, the rate had been 0.45%.

The INPC shows that food products increased 0.16% after rising 0.61% in April. Non-food products rose 0.43%, decelerating in relation to the result of April (0.50%).

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. Access the data on Sidra. The next result of the IPCA, related to June, will be released on July 11.

Keywords: Inflação desacelera e taxa é de 0, 23% em maio

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