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Inflation stands at 0.23% in August, driven by rise of electricity prices

Section: Economic Statistics | Vinícius Britto

September 12, 2023 09h00 AM | Last Updated: September 14, 2023 02h10 AM

A rise of 4.59% in residential electricity prices took place due to the cessation of the Itaipu Bonus, issued in invoices of the previous month - Photo: Helena Pontes/IBGE News Agency

Inflation in August stood at 0.23%, 0.11 percentage points (p.p.) above the rate of July (0.12%). The cumulative index in the year stood at 3.23% and, in the last 12 months, at 4.61%, above the rate of 3.99% registered in the 12 immediately previous months. The monthly change in August 2022 amounted to -0.36%.

Among the nine groups of products and services surveyed, esix ight rose in August. The main positive impact (0.17 p.p.) and the highest change (1.11%) came from Housing. Health and personal care (0.58% and 0.08 p.p.) and Transportation (0.34% and 0.07 p.p.) also stood out. . As for decreases, Food and beverages dropped by the third consecutive month (-0.85% and -0.18 p.p.).

The results of the remaining groups were: 0.69% de Education (0.04 p.p.), 0.54% in Wearing apparel (0.02 p.p.), 0.38% in Personal expenses (0.04 p.p.), -0.09% in Communication (-0.01 p.p.) and -0.04% in Household articles (0.00 p.p.).

The main contribution to the monthly result came from Housing, being a highlight the subitem residential electricity, with an increase of 4.59% and an impact of 0.18 p.p. on the general index. “The rise of electricity was mainly influenced by the cessation of the Itaipu bonus, relative to a poitive balance in the trade of electricity from Itaipu in 2022, which was added to the light bills of all the consumers of the National Integrated System in July and is no longer present in August,” says the manager of the IPCA/INPC, André Almeida.  

Also, price adjustments were applied in four areas. Also, price rises were applied to four areas: Vitória (9.64%), where the rise of 3.20% went into effect on August 7th; Belém (8.84%), with price rise of 9.40% since August 15th; São Luís (7.03%), with a rise of 10.43% in effect since August 28th; and São Paulo (3.94%), whre the price adjustment -1.13% started on July 4th, in one of the concessionnaires surveyed.

Health and personal care was the second main positive impact, amounting to 0.08 p.p of the general index. “What added to acceleration was the rise of personal hygiene, with a change from -0.37% in July to 0.81% in August. the prices of skincare products (4.50%) and perfumes (1.57%) also rose,” Mr. Almeida highlights.

As for the group Transportation (0.34%), the manager explained that gasoline remained as the main influence, with a rise of 1.24% and an impact of 0.06 p.p. on the general index. New cars (1.71% and 0.05 p.p.) also stood out.

On the other hand, Food and beverages (-0.85%) fell for the third consecutive month, mainly due to prices of food at home (-1.26%). Other highlights were drops in potato (-12.92%), pinto beans (-8.27%), tomato (-7.91%), long life milk (-3.35%), chicken pieces (-2.57%), and meats (-1.90%). As for increases, rice (1.14%) and fruits (0.49%) rose, mainly lime (51.11%) and dwarf banana (4.90%).

“We have witnessed drops over the months in some important items to family consumption, such as beef and chicken, being related to the issue of supply. The availability of beef in the domestic market is higher, which had added to the drop in the last few months,” the manager highlights.

Food away from home (0.22%) registered a change close to that a month ago (0.21%), due to rises in snacks (0.30%) and meals (0.18%). In July, the changes in these subitems had been of 0.49% and 0.15%, respectively.

Two areas recorded price drops in August. The highest change was in Fortaleza (0.74%), due to the rises in gasoline (4.98%) and residential electricity (2.76%). The lowest change was registered in Below Horizonte (-0.08%), influenced by drops of 16.41% in airfares and of 9.09% in urgan bus.

INPC was 0.20% in August  

The National Consumer Price Index (INPC) was also released today. It rose 0.20% in August, being above the change in the previous month (-0.09%). The cumulative INPC in the year is 2.80% and, in the last 12 months, of 4.06%, above the rate of 3.53% registered in the 12 immediately previous months. In August 2022, the rate was -0.31%.  

Food products changed by -0.91% in August, whereas the July rate was 0.59%. Non-food products rose by 0.56%, being above the 0.07% registered in July.  

Two areas registered decreases in August. The lowest result was that of Belo Horizonte (-0.24%), with drops of 9.09% in urban bus and of 7.15% in chicken pieces. The main change was that of Belém (0.74%), driven by the rise of 8.82% in residential electricity.

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. The next result of IPCA, relative to September, will be released on October 11th.

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