The Extended National Consumer Price Index 15 - IPCA-15 changed 0.54% in February and surpassed the January rate (0.31%) by 0.23 percentage points (p.p.). This was the lowest rate for February since 2012 (0.53%). The cumulative index in the last 12 months decreased to 5.02%, below the rate of 5.94% posted in the immediately previous 12 months. In February 2016, the rate was at 1.42%. The complete data of the IPCA-15
can be accessed here.

Having risen 5.17% and impacted 0.24 p.p. in February, the group of Education was the main responsible for changing the IPCA-15 rate from 0.31% to 0.54%, whereas Wearing apparel articles registered the lowest change (-0.31%). The results of all the groups of products and services surveyed are shown in the following table.

The rise of 5.17% in the group of Educationreflected the price adjustments usually practiced in the beginning of the school year, particularly the increases in the regular courses, whose tuition rose 6.94%. This rise exerted the biggest individual impact on the February index (0.21 p.p.). In regional terms, regular courses increased between 4.94% (São Paulo) and 10.13% (Salvador). Fortaleza was an exception, as it did not record any price increase due to the difference in the adjustment period.

In addition to the group of Education (5.17%), the IPCA-15 was pressed by urban bus and intercity bus fares, which rose 3.24% and 3.84%, respectively. The rise of 3.24% in urban bus fare was due to the adjustments posted in these regions: Fortaleza (17.05%), which reflected the adjustments of 16.36% in the fares billed from Monday to Saturday and of 17.80% on Sundays, in force since January 14; Recife (13.46%), whose adjustment of 14.28% took place on January 15; Belém (11.85%), which reflected the adjustment of 14.81% in force since January 19; Brasília (7.09%), reflecting the adjustment of 25% in the fares, which resumed on January 28; Belo Horizonte (6.02%), reflecting the adjustment of 9.40%, in force since January 3; Salvador (5.36%), whose adjustment was of 9.09% since January 2; Curitiba (5.10%) from February 6 onwards, when the adjustments of 14.86% from Monday to Saturday and of 70.00% on Sundays took place, as Sunday discount was discontinued.

Concerning intercity bus fare (3.84%), the highest changes were registered in Rio de Janeiro (12.30%), due to the average adjustment of 12.00% in force since January 14; Curitiba (6.77%), whose average adjustment was of 13.00% from February 6 onwards; Belo Horizonte (4.57%), reflecting the average adjustment of 9.46% since January 1st; Salvador (2.47%), due to the average adjustment of 8.42%, in effect since December 26.

Taking into account the increase in the bus fares, the group of Transportation changed 0.66%, despite the drop of 12.45% in airfare.

On the other hand, food products (-0.07%) helped to limit this month´s index, after rising 0.28% in January. Although the prices of soybean oil (4.42%), green vegetables (4.00%) and other products became more expensive from one month to the other, a number of other products became cheaper. Some significant drops stood out, like carioca beans (-14.68%), potatoes (-7.63%) and tomatoes (-6.62%).

The highest regional index was reported in the metropolitan area of Rio de Janeiro (0.93%), highlighted by regular courses (9.65%) and intercity buses (12.30%), whose rise reflected the average adjustment of 12.00% in force since January 14. The lowest index came from Goiânia  (0.07%).

In order to measure IPCA-15, prices collected from January 13 to February 13, 2017 (reference) were compared with the ones in effect from December 14, 2016 to January 12, 2017 (base). The indicator refers to families with monthly income of 1 to 40 minimum wages and it encompasses the Metropolitan Areas of Rio de Janeiro, Porto Alegre, Belo Horizonte, Recife, São Paulo, Belém, Fortaleza, Salvador, Curitiba, and also Brasília and Goiânia. The methodology is the same as the one used for the IPCA; the difference lies in the period of price collection and in the geographic coverage.