The Extended National Consumer Price Index – 15 (IPCA-15) of July was 0.22%, significantly below the result of June (0.38%). In the last twelve month, the accumulated rate of 4.47 % was below that of the immediately previous twelve months: 4.89%. In July 2008, IPCA-15 was 0.63%.

The index of 0.22%, relative to the month of July, was 0.16 percentage points below the June result, 0.38%. With a lower result, the group Food Products and Beverages - which changed from 0.70% to 0.33% - contributed with 0.07 percentage points to the result of this month. Housing (from 0.34% to 0.66%), with a lower result in July, represented 0.09 percentage points. Both groups, together, accounted for 72% of IPCA-15.

The deceleration of food products rate was mainly caused by pasteurized milk, which changed from 12.20%, in June, to 9.25% in July, accounting for the biggest individual contribution: 0.11 percentage points. It is worth mentioning that pasteurized milk was extremely significant in previous indexes. 

From June to July, the following items also had lower results: meat (from 0.00% to -0.35%), potatoes (from 10.21% to -12.91%), soybean oil (from 1.80% to 0.25%) and  bread (from 0.27% to -0.45%). On a downward trend were: rice (-2.39%), fruits (-1.80%), carrots (-14.42%), black beans (-4.57%), green vegetables (-2.17%) and fish (-0.59%).

Having fallen by 2.76% in June, “carioca beans” changed by 5.21% in July. In the same period, eggs changed from -2.73% to 2.85% and refined sugar, from -0.44% to 1.84%. 

The change of Housing (0.66%) in the month occurred mainly due to electricity (1.18%), which reflected the result of São Paulo (4.80%), accounting for over half of the readjustment of 8.63% granted on July 4^th. Contributions also came from cooking gas (1.34%) and residential rents (0.47%). 

In terms of indexes by area, the highest one was that of Curitiba (0.75%), where food products had the biggest change (0.91%), and the lowest one was that of Belém (-0.06%). 

For the calculation of IPCA-15, prices collected between June 16 and July 14 were compared to those collected between May 15 and June 15. The indicator refers to families with income of 1 to 40 minimum wages, and encompasses the metropolitan areas of Rio de Janeiro, Porto Alegre, Belo Horizonte, Recife, São Paulo, Belém, Fortaleza, Salvador and Curitiba, besides  Brasília and Goiânia. The methodology used is the same as in IPCA; the difference lies in the period of data collection. IPCA-E is IPCA-15 accumulated in periods.