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IPCA hits 0.56% in December and closes 2023 up by 4.62%

Section: Economic Statistics | Umberlândia Cabral

January 11, 2024 09h00 AM | Last Updated: January 12, 2024 08h35 PM

With an increase of 1.1% in december, food and beverages accounted for the main impact on the month's inflation - Photo: Helena Pontes/IBGE News Agency

Inflation in the country hit 0.56% in December, sixth month in a row with positive rates. As a result, the IPCA closed 2023 with a cumlative increase of 4.62%, within the inflation target interval as set by the National Monetary Council (CMN), 3.25%, possible ranging by 1.5%, that is, between 1.75% and 4.75%. The data come from the Extended national Consumer Price Index, released today (11) by the IBGE.

In December, all the nine grouos of products and services investigated by IPCA recorded increases. The main one cam from food and beverages (1.11%), a group which accelerated from the previous month grupo (0.63%) and accounted for the main impact on the general result (0.23 percentage points). With the rise of prices of potato (19.09%), pinto beans (13.79%), rice (5.81%) and fruits (3.37%), foodt at home rose by 1.34%. On the other hand, the price of long life milk fell for the seventh consectutive month (-1.26%).

“The rise of temperature and the bigger volume of rainfall in many areas of the country influenced the production of food, mainly of not processed food, such as tuber, green vegetables and fruits, which are more sensitive to climaate changes,” says André Almeida, manager of the IPCA.

“In the case of rice, which recorded an increase for the fifth month in a row, production was affected by the harsh climate,” the researcher explains. “The rise of beans is related to the reduction of planted area, the harsh climate and the higher cost of fertilizers,” he adds.

In the same period, food away from home (0.53%) accelerated from the previous month (0.32%), With increases of snacks (0.74%) and meals (0.48%). These two items also accelerated from November.

In Transportation (0.48%), which accounted for the second main contribution to the general index (0.10 p.p), airfares (8.87%) kept on rising. December was the fourth consecutive contribution from this subitem, which accounted for the main individual impact on the country’s inflation (0.08 p.p.). All the fuels surveyed (-0.50%) recorded deflation: diesel (-1.96%), ethanol (-1.24%), gasoline (-0.34%) and vehicle gas (-0.21%).

“As gasoline is the main subitem among the 377 ones surveyed by the IPCA, with this decrease, it supported the month’s result.” In December, the prices of this fuel fell for the third consecutive month.

As for Housing (0.34%), which decelerated in comparison with November (0.48%), the highlights were residential electricity (0.54%), water and sewage rate (0.85%) and piped gas (1.25%). The other groups recorded the following results: Household articles (0.76%), Apparel (0.70%), Personal expenses (0.48%), Health and personal care (0.35%), Education (0.24%) and Communication (0.04%).

IPCA closes the year with an increase of 4.62%, driven by transportation

In the year, cumulative inflation of 4.62% was below the 5.79% registered in the previous month. The main impact on this result caame from Transportation (7.14%), with a cumulative increase of gasoline (12.09%). This fuel accounts for the biggest increase among the subitems surveyed by the IPCA and, in the year, for the main individual contribution 90.56 p.p.) to the general result. “It is worth mentioning that gasoline faced the impact of federal taxes and of changes in the ICMS charges.”

Other relevant increases were vehicle licensing and plates (21.22%) and airfares (47.24%). The prices of new cars (2,37%) decelerated from 2022 (8.19%), whereas in the case of used cars, prices fell by 4.80%. “Since car prices rose in 2022, IPVA reflected that increase in the following year.”

The group Food and beverages, which which accounted for the main contribution to the IPCA, rose by 1.03% in the year. The result was due to the fall of prices of food at home (-0.52%), with the deflation of soybeans (-28.00%), chicken pieces (-10.12%) and meats (-9.37%). Other cumulative highlights in the year were Health and personal care (6.58%) and Housing (5.06%).

“Food products was below the general result and helped keep the index in 2023. There were four consecutive drops in the middle of the year, which accounted for that result. The decrease in food at home reflects good harvests and the fall of prices of the main commodities in the international market, such as soybean and corn,” says the manager of the survey. /p>

INPC rises by 0.55% in December and closes 2023 with an increase of 3.71%

The National Consumer Price Index (INPC) rose by 0.55% in February, above the figure in the previous month (0.10%). The cumulative index recorded an increase of 3.71% in the year, below the figure registered in the previous year (5.93%). The cumulative index in 2023 recorded an increase of 0.33% in food products and of 4.83% in non-food products. “The cumulative result of INPC in the year was below the IPCA due to the bigger weight of food and beverages in the consumer basket.”

In December last year, the prices of food products accelerated (from 0.57% to 1.20%). Non-food products also recorded bigger changes (0.35% in December against -0.05% in the previous month).

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 December, will be released on February 08.

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