The Extended Consumer Price Index (IPCA) went from 0.09% in October to 0.18% in November, an increase of 0.09 percentage points (p.p.). This result is the lowest for November since 2018, when the change was -0.21%. In the year, inflation accumulated an increase of 3.92% and, in the last 12 months, the index stayed at 4.46%. In November 2024, the change had been 0.39%. The results were released today (10) by the IBGE.

In November, the main positive impact on the index came from the sub-item airfare (11.9%), with 0.07 percentage points (p.p.). Other positive influences were residential electricity, which rose 1.27%, driven by tariff adjustments in some concessionaires, and accommodation, in the group of Personal expenses. The sub-item changed 4.09% in November, with emphasis on the increase of nearly 178% recorded in Belém, due to COP-30.

Regarding the drops, according to Fernando Gonçalves, the IPCA manager, the highlights are personal hygiene items (-1.07%) and important food products on family nutrition, such as tomatoes (-10.38%) and rice (-2.86%): “The cereal recorded a trajectory of negative changes throughout the entire year, accumulating a drop of 25%.”

Therefore, in November, the group of Food and beverages returned to a negative level, registering a change of -0.01%, with food at home (-0.20%) closing in decline for the sixth consecutive month. Food away from home changed 0.46% in the month, with a slowdown in snacks, which went from 0.75% in October to 0.61% in November, and in meals, which went from 0.38% to 0.35% in the same comparison.

The diffusion index in November, that is, the percentage of sub-items that recorded positive figures, was 56%, 0.04 percentage points (p.p) above the October´s index, with the percentage of non-food items standing at 49%. The index for food products went from 49% in October to 64% in November. “Even with this higher percentage of positive changes in food, given the weights and magnitude of the drops recorded in some sub-items, the group of Food and beverages ended November with a negative change of 0.01%,” highlights Gonçalves.

In services, which accelerated from 0.41% to 0.60% in November, the highlights were the rise in airfare and accommodation. In those monitored, the change of 0.21%, after the fall of 0.16% in October, was driven by residential electricity.

As for regional indexes, the biggest change was recorded in Goiânia (0.44%), influenced by the increase in residential electricity (13.02%) and meat (1.78%). The smallest change (-0.10%) was recorded in Aracaju, due to the drop in car repair (-3.75%) and gasoline (-1.40%).

INPC rises 0.03% in November

The National Consumer Price Index (INPC) registered an increase of 0.03% in November. In the year, the cumulative figure is 3.68% and, in the last 12 months, 4.18%, below the rate of 4.49% observed in the immediately previous 12 months. In November 2024, the rate was 0.33%.

Food products went from 0.00% in October to -0.06% in November. The change in non-food products went from 0.04% in October to 0.06% in November.

As for regional indexes, the biggest change (0.51%) occurred in Goiânia, due to residential electricity (13.05%) and meat (1.48%). The smallest change occurred in Belém (-0.26%), due to the drop in urban buses (-15.54%) and personal hygiene items (-3.20%).

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 on Sidra. The next result of IPCA, relative to December 2025, will be released on January 9, 2026.