The IPCA stayed at 0.33% in the first month of the year, repeating the index from December 2025. In opposite directions, gasoline, with an increase of 2.06%, and residential electricity, with a drop of 2.73% in prices, were the main influences on the index in January. As a result, the cumulative index in 12 months stayed at 4.44%. In January 2025, the IPCA had been 0.16%.

Among the nine groups, Transportation (0.60%) was responsible for the biggest impact on the January index (0.12 p.p.), with a 2.14% increase in fuels, especially gasoline (2.06%), the main individual impact on the month's result (0.10 p.p.). The change of other fuels was: ethanol (3.44%), diesel fuel (0.52%) and vehicular gas (0.20%).

On the other hand, the group of Housing showed a drop of 0.11% in January, due to the 2.73% reduction in residential electricity, the biggest negative impact on the month's result (-0.11 p.p.). In December, the yellow tariff flag was in force, with an additional charge of R$1.885 for every 100 kWh consumed. In January, the current flag was green, at no additional cost to consumers. In addition to Housing, the other group that saw a drop in prices was Wearing apparel (-0.25%).

“In the IPCA structure, gasoline has a weight of 5.07% and residential electricity, of 4.16%, that is, they are the sub-items with the largest share in family expenses, from the perspective of the indicator. Therefore, changes in these two components of the product basket have an impact on the final calculation of the index. In electricity, the drop came mainly due to the change in the tariff flag from yellow (in December) to green (in January). In gasoline, there was an adjustment in the ICMS from January 1st, impacting the final price for consumers,” explained Fernando Gonçalves, the IPCA manager.

Transportation and Communication register increases in January

Still in Transportation, urban bus changed 5.14% in January, especially due to fare adjustments in six Brazilian capitals: Fortaleza (20.00%), São Paulo (6.00%), Rio de Janeiro (6.38%), Salvador (5.36%), Belo Horizonte (8.70%) and Vitória (4.16%). It is worth noting that the main negative impacts (-0.06 p.p and -0.07 p.p.) in the Transportation group came from the sub-items ride-hailing apps (-17.23%) and airfare (-8.90%), after increases of, respectively, 13.79% and 12.61% in December.

In January, the biggest change among the IPCA groups came in Communication (0.82%), highlighting the increase in telephone devices (2.61%) and readjustments in plans with an influence on the sub-items pay TV (1.34%) and telephony, Internet and pay TV combo (0.76%).

In Health and personal care (0.70%), the group with the second largest change, personal hygiene items (1.20%) and health insurance plans (0.49%) stood out.

On the other hand, Food and beverages group slowed down from December (0.27%) to January (0.23%). Food at home registered a change of 0.10%, compared to 0.14% in the previous month, influenced by the declines in long-life milk (-5.59%) and hen eggs (-4.48%). On the high side, the highlights are tomatoes (20.52%) and meat (0.84%), mainly sirloin steak (1.86%) and rump (1.61%). Food away from home (0.55%) also slowed down in comparison to the previous month (0.60%). Meals went from 0.23% in December to 0.66% in January, while snacks, which had registered 1.50% in the previous month, changed 0.27% this month.

“In terms of the nine IPCA groups, Food and beverages has the highest weight (21.42%), which means that just over 1/5 of family expenses are on food, especially at home. In January, the group showed a slowdown in price increases (from an increase of 0.14% in December to 0.10% in January), especially with the contribution of sub-items like long-life milk, which fell 5.59% and hen eggs with -4.48%”, highlighted Fernando Gonçalves.

Rio Branco (AC) had the biggest price increase in January

Among the 16 places where the IBGE monitors prices weekly, the biggest change occurred in Rio Branco (0.81%), influenced by the increase in residential electricity (5.34%) and personal hygiene items (1.75%). The smallest change occurred in Belém (0.16%), due to the decline in residential electricity (-3.85%) and airfare (-11.01%).

INPC rose 0.39% in January

The National Consumer Price Index - INPC increased by 0.39% in January, 0.18 p.p. above the result observed in December (0.21%). From the perspective of the last 12 months, the index stayed at 4.30%, above the 3.90% of the immediately previous 12 months. In January 2025, the rate had been 0.00%.

Food products slowed down from December (0.28%) to January (0.14%). The change in non-food products went from 0.19% in December to 0.47% in January.

As for regional indexes, the biggest change occurred in Rio Branco (0.76%), influenced by the increase in residential electricity (5.34%) and personal hygiene items (1.78%). The smallest change occurred in Recife (0.17%), due to the decline in residential electricity (-3.85%) and ride-hailing apps (-19.31%).

More about the survey

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 IPCA result, for February, will be released on March 12.