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IPCA changes 0.09% in March

April 10, 2018 09h00 AM | Last Updated: April 12, 2018 10h57 AM

The Extended National Consumer Price Index (IPCA) of March changed 0.09%, quite below February's result (0.32%). The cumulative index of the year was 0.70%. Both the index of the month and the cumulative of the year represented the lowest level for a month of March since the implementation of the Plano Real. The cumulative index over the last 12 months fell to 2.68%, after recording 2.84% in the prior twelve-month period. In March 2017, the IPCA reached 0.25%.

Period

RATE

MARCH 2018

0.09%

February 2018

0.32%

March 2017

0.25%

Cumulative - year

0.70%

Cumultaive - 12 months

2.68%

Among the nine groups of products and services surveyed, Transportation (-0.25%) and Communication (-0.33%) presented deflation in March. The other groups, however, were on the rise, ranging from 0.05% to 0.48%, as shown in the table below.

IPCA - Change and Impact by Groups - Monthly         
Group  Change (%) Impact (pp)  
February March  February  March   
General Index 0.32 0.09 0.32 0.09
Food and Beverage -0.33 0.07 -0.08 0.02
Housing 0.22 0.19 0.03 0.03
Household Articles 0.03 0.08 0.00 0.00
Wearing Apparel -0.38 0.33 -0.02 0.02
Transportation 0.74 -0.25 0.13 -0.05
Health and Personal Care 0.38 0.48 0.05 0.06
Personal Expenses 0.17 0.05 0.02 0.01
Education 3.89 0.28 0.19 0.01
Communication 0.05 -0.33 0.00 -0.01
Source: IBGE, Diretoria de Pesquisas, Coordenação de Índices de Preços     

In the group Transportation, the 0.25% deflation was motivated by the decrease in airfares (-15.42%), which exerted the sharpest negative impact of the month, -0.07 percentage points (pp). Fuels also presented decrease (-0.04%), with a highlight to gasoline (-0.19%) whose prices changed from -4.69% in the Metropolitan Area of Recife to 2.59% in Fortaleza. On the other hand, it is worth highlighting the rise of 0.74% in the item urban bus due to the increases listed as follows:

IPCA - Urban bus adjustment      
Ônibus urbano 
Area Change (%) Adjustment (%) Date  
Belém 4.43 6.45 02/20
Rio de Janeiro 1.12 5.88 02/05
Fortaleza 0.92 6.43 02/03
Porto Alegre  3.95 6.17 03/13
Source: IBGE, Diretoria de Pesquisas, Coordenação de Índices de Preços

The drop of 0.33% in the group of Communication was influenced by the fee reduction for local and intercity calls from a landline to mobile phones, in force since February 25.

Among the highs, the group Health and personal care presented the highest change of the month (0.48%), besides the biggest contribution (0.06 pp). IN this group, the highlight was the item health insurance plan (1.06%), accounting for the second greatest individual impact of the month (0.04 pp).

The biggest individual impact, in turn, came from fruits (5.32% and 0.05 pp), of the group Food and beverages, which, after falling 0.33% in February, had an increase (0.07%) in March. Despite the acceleration in the price of fruits, the group of food at home recorded deflation in March (-0.18%), lighter than that of February (-0.61%). The highlights in the drops came from meat (-1.18%), tomatoes (-5.31%) and whole chicken (-2.85%).  Food away from home accelerated between February (0.18%) and March (0.52%). The changes were between -0.31% in the Metropolitan Area of Porto Alegre and 1.08% in Curitiba.

In the group Housing, the 0.19% high was leveraged by electricity (0.67%) due to the appropriation of the 9.09% and 21.46% adjustments in the concessionaires, from March 15 on. The other areas had changes between -4.69% in the Metropolitan Area of Vitória and 2.60% in Belo Horizonte due to the increase and reductions in the aliquots of PIS/COFINS. It is worth highlighting that the green tariff flag has been in effect since January 2018, i. e., no additional electricity charges were applied.

The highest indexes by area were those of the Metropolitan Areas of Fortaleza and Belo Horizonte, both with highs of 0.23%.  In the former, the highlight was gasoline, which stood on average 2.59% more expensive and the regular courses (2.02%). In Belo Horizonte electricity and fruits stand out, with a high of 2.60% and 8.34%, receptively. The lowest index was in Campo Grande, whose 0.35% drop was leveraged by electricity (-4.52%), meat (-2.06%) and gasoline (-1.50%).

IPCA - Monthly, annual and 12-month change by area          
Area Regional Weight (%) Change (%) Cumulative Change (%) 
February March Year 12 months 
Belo Horizonte 10.86 0.33 0.23 0.92 2.00
Fortaleza 3.49 0.00 0.23 0.57 1.25
São Paulo 30.67 0.29 0.22 0.72 3.54
Rio de Janeiro 12.06 0.72 0.12 1.27 2.82
Porto Alegre 8.40 0.08 0.11 0.87 2.73
Curitiba 7.79 0.10 0.10 0.46 2.85
Belém 4.65 0.57 0.03 0.68 0.97
Goiânia 3.59 0.07 0.02 0.14 3.81
Brasília 2.80 0.19 0.01 0.06 3.13
Salvador 7.35 0.55 -0.27 0.63 1.47
Vitória 1.78 0.15 -0.28 0.58 2.10
Recife 5.05 0.27 -0.31 -0.01 2.16
Campo Grande  1.51 0.20 -0.35 -0.05 1.11
Brazil  100.00 0.32 0.09 0.70 2.68
Source: IBGE, Diretoria de Pesquisas, Coordenação de Índices de Preços      

The IPCA has been calculated by the IBGE since 1980. It refers to families with monthly income of 01 to 40 minimum wages, whatever the source, and it encompasses ten Metropolitan Areas in the country, besides Brasília and the municipalities of Goiânia and Campo Grande. In order to estimate the index of the month, the prices collected from March 2 to March 29 of 2018 (reference) were compared with those in force from January 30 to March 01 of 2018 (base).

INPC changes 0.07% in March

The National Consumer Price Index (INPC) posted a change of 0.07% in March and stood 0.11 p.p. below February's rate (0.18%).  In the year, the cumulative index was 0.48%. Both the monthly change and the cumulative in the year were the lowest for a month of March since the implantation of the Plano Real. Considering the last 12 months (1.56%), the index fell below the 1.81%, recorded over the 12 months prior to that period. In May 2017, the INPC was 0.32%

Food products dropped 0.17% in March, whereas the drop had been of 0.36% in the previous month. The group of non-food products changed 0.17% while, in February, it was 0.41%.

Among the indexes by area, the highest one was in the Metropolitan Area of Rio de Janeiro (0.32%), where the highlight were the items electricity (6.32%) and urban bus (1.12%). The latter reflects the 5.88% increase in the tickets in force since February 05 and, the former, to the appropriation of the 9.09% and 21.46% adjustments in the concessionaires, from March 15 on. The lowest index was in Campo Grande (-0.60%), a result of the decreases of 4.52% in electricity, of 1.89% in meat and of 1.50% in gasoline. See below the table of monthly results by area surveyed.

INPC -  Monthly, annual and 12-month change by area              
Area Regional Weight (%) Monthly Change (%) Cumulative Change (%) 
February March Year 12 months 
Rio de Janeiro 9.51 0.65 0.32 1.22 1.03
Belo Horizonte 10.60 0.14 0.25 0.55 0.76
São Paulo 24.24 0.09 0.23 0.58 2.67
Brasília 1.88 0.04 0.18 0.06 1.55
Belém 7.03 0.52 0.13 0.76 0.46
Fortaleza 6.61 0.04 0.11 0.53 0.69
Porto Alegre 7.38 0.02 0.10 0.71 2.17
Curitiba 7.29 0.07 -0.01 0.23 2.18
Goiânia 4.15 -0.03 -0.07 -0.15 2.92
Salvador 10.67 0.26 -0,27 0.26 0.78
Vitória 1.83 0.09 -0.29 0.44 1.02
Recife 7.17 0.08 -0.34 -0.25 1.15
Campo Grande  1.64 0.00 -0.60 -0.59 -0.40
Brazil  100.00 0.18 0.07 0.48 1.56
Source: IBGE, Diretoria de Pesquisas, Coordenação de Índices de Preços      

The INPC has been calculated by the IBGE since 1979. It refers to families with monthly income of one to five minimum wages, with a salaried head of the family, and it encompasses ten metropolitan areas in Brazil, besides the municipalities of Goiânia, Campo Grande and Brasília. In order to measure the index of the month the prices collected from March 02 to March 29 of 2018 (reference) were compared with the ones from January 30 to March 01 of 2018 (base).