IPCA
Inflation retreats to 0.09% in October influenced by drop in electricity
November 11, 2025 09h00 AM | Last Updated: November 11, 2025 11h25 AM
The Extended Consumer Price Index (IPCA) went from 0.48% in September to 0.09% in October, a decrease of 0.39 percentage points (p.p.). This result is the lowest for October since 1998, when it registered 0.02%. In the year, inflation accumulated an increase of 3.73% and, in the last 12 months, the index stayed at 4.68%. In October 2024, the change had been 0.56%. The results were released today (11) by the IBGE.
Electricity is the main negative influence on the month's index (-0.10 p.p.), with emphasis on residential electricity, which registered a drop of 2.39%. According to Fernando Gonçalves, the IPCA manager, this movement is explained by the change in the red tariff flag level 2, in force in September, to the red flag level 1, with an additional charge of R$4.46 on the electricity bill for every 100 kWh consumed, instead of R$7.87. Other negative highlights are the declines in telephone handsets (-2.54%) and voluntary vehicle insurance (-2.13%).
In the composition of the October´s IPCA, interrupting a sequence of drops, the food and beverages group, which has the highest weight in the indicator's structure, maintained virtually stable average prices, changing 0.01%. The index did not exert pressure on the general inflation result and is the lowest result for a month of October since 2017, when it was -0.05%. Food at home fell 0.16%, highlighted by the declines in rice (-2.49%) and long-life milk (-1.88%). Among the increases are potatoes (8.56%) and soybean oil (4.64%).
“This, coupled with the drop in the Housing group, contributed to the observed slowdown. As an illustration, the result of the October index without considering the food group and electricity would be 0.25%," explains Gonçalves.
Food away from home accelerated from September (0.11%) to October (0.46%). In the same period, the snacks sub-item went from 0.53% to 0.75%, and meals went from -0.16% to 0.38%.
The Wearing apparel group (0.51%) showed the highest change in the month of October, with emphasis on increases in footwear and accessories (0.89%) and women's wearing apparel (0.56%). In the Personal expenses group (0.45%), the highlight is the sub-item domestic worker, which rose 0.52%, and the tourist package, with an increase of 1.97%.
Health and personal care (0.41%) was the group with the greatest impact on the index, with 0.06 p.p., an increase driven by personal hygiene products (0.57%) and health insurance plans (0.50%). The 0.11% change in Transportation reflects the increase in airfare (4.48%) and fuel (0.32%). With the exception of diesel fuel, which fell 0.46%, the other fuels showed positive changes in October: ethanol (0.85%), vehicular gas (0.42%) and gasoline (0.29%).
In the regional analysis, the indexes indicate that the highest change was recorded in Goiânia (0.96%), driven by the increase in residential electricity (6.08%) and gasoline (4.78%). The lowest change (-0.15%) was recorded in São Luís, due to the drop in rice (-3.49%) and gasoline (-1.24%), and in Belo Horizonte, with emphasis on the drops in gasoline (-3.97%) and residential electricity (-2.71%).
INPC rises 0.03% in October
The National Consumer Price Index (INPC) registered an increase of 0.03% in October. In the year, the cumulative figure is 3.65% and, in the last 12 months, 4.49%, below the 5.10% observed in the immediately previous 12 months. In October 2024, the rate was 0.61%.
Food products went from -0.33% in September to 0.00% in October. The change in non-food products went from 0.80% in September to 0.04% in October.
As for regional indexes, the highest change (0.92%) occurred in Goiânia, due to residential electricity (6.16%) and gasoline (4.78%). The lowest change occurred in Belo Horizonte (-0.21%), due to the drop in gasoline (-3.97%) and residential electricity (-2.68%).
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 the IPCA, relative to November, will be released on December 10.
