The Extended National Consumer Price Index (IPCA) of March changed...

The Extended National Consumer Price Index (IPCA) of March changed 0.92% and stood above the 0.69% rate registered in February by 0.23 percentage points.  It is the biggest rate of March since 2003, when IPCA reached 1.23%. As a result, in the first quarter of the year, the change was at 2.18%, above the 1.94% rate of the same period in 2013. Considering the last 12 months, the index rose to 6.15%, above the 5.68% rate relative to the prior 12 month-period. In March of 2013, the rate was at 0.47%.

The complete publication of the survey can be accessed at

www.ibge.gov.br/home/estatistica/indicadores/precos/inpc_ipca/defaultinpc.shtm.

The group Food and Beverages alone was responsible for 51% of the IPCA this month. It had a high of 1.92% and 0.47 percentage points (p.p.). Together with Transportation, with a 1.38% increase and an impact of 0.26 p.p., these two groups totaled 0.73 p.p. and are responsible for 79% of the index. The results of all the groups of products and services surveyed are shown in the following table:

In the group Food and Beverages (0.56% in February to 1.92% in March), considering food at home, the increase was of 2.43%. Some areas were more susceptible to the increase, such as Porto Alegre, where food prices were 4.21% more expensive in March. The other areas were Campo Grande, with 3.74%, Curitiba, with 3.52%, and Rio de Janeiro, with 3.26%. The Metropolitan Areas of Recife (0.99%) and Belém (0.78%) had the lowest price growth in food at home of the period. As to food away from home, the increase was of 0.96%.

As a consequence of the drought that stroke the crops in some states and decreased the supply of food, important products for the consumer had great increase; for example: tomatoes rose 32.85%. In the group Food and Beverage, the items that stood out in the IPCA of March were:

In relation to the group Transportation (-0.05% in February to 1.38% in March), the highlight was airfares, increasing to 26.49% against -20.55% in February. With 0.12 percentage points, airfares stood on top of the rank of the major impacts of the IPCA this month. The highlights in the group were ethanol, with a 4.07% high, reflecting on gasoline, which rose 0.67%. New and used cars, both with 0.78%, car repair, which rose 0.90% and urban bus, with 0.60% also stood out. Urban buses reflected the 2.74% change that occurred in Rio de Janeiro due to the price increase of 9.00% in force since February 08.

Besides food and transportation, the groups Wearing apparel (-0.40% to 0.31%) and Personal Expenses (0.69% to 0.79%) registered growth in the rates from February to March. Conversely, the other five groups surveyed were below the results registered in the previous months.

In the expenses with Housing (0.77% in February to 0.33% in March), the highlight is the influence of the electricity bill, whose 0.87% drop reflected the reduction of PIS/PASEP/COFINS occurred in some of the regions surveyed. In Household Articles (1.07% to 0.38%) both the items household appliances (-0.34) and TV and Sound (-0.31%) were down. In Health and Personal Care (0.74% to 0.43%), medicines (-0.08%) fell whereas in Communication (0.14% to -1.26%), landline telephone bills were 4.44% cheaper, reflecting the average reduction of 18% occurred in the price of calling a mobile from a landline telephone since February 27.

The group Education (5.97% in February to 0.53% in March), a strong influence on February's IPCA, had a much lighter impact in March, reflecting, basically, price adjustments occurred in  regular courses in the Metropolitan Area of Fortaleza (7.53%).

Among the indexes by area, the highest rate came from Brasília (1.92%) due to the increase of 51.65% in airfares, weighting 1.84%, with an impact of 0.95 percentage points. The lowest indexes occurred in Recife (0.52%) and Belém (0.53%), where food at home registered changes of 0.99% and 0.78%, respectively, quite below the national average (2.43%).  The following table shows the monthly results by area surveyed:

IPCA has been calculated by IBGE since 1980. It refers to families with monthly income of one 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 measure the index of the month the prices collected from February 27 to March 28 of 2014 (reference) were compared with the ones in force from January 30 to February 26 of 2014 (base).

INPC changed 0.82% in March

The National Consumer Price Index (INPC) recorded a change of 0.82% in March, staying above the 0.64% rate of February by 0.18 percentage points. In the first quarter of the year, the change was at 2.10%, above the 2,05% result of the same period in 2013. Over the last 12 months, the rate stood at 5.62%, above the 5.39% index of the preceding 12 month-period. In March of 2013, INPC was at 0.60%.

Food products increased 1.88% in March, whereas non-food products stood at 0.37%. In February, the results were 0.39% and 0.75%, respectively. 

Among the indexes by area, the highest rate came from Brasília (1.38%) due to the increase of 51.65% in airfares, weighting 0.47%, with an impact of 0.24 percentage points. The lowest index occurred in Belém (0.45%), where food at home registered a change of 0.80%, quite below the national average (2.27%). The following table shows the monthly results by area surveyed:

INPC has been calculated by IBGE since 1979. It refers to families with monthly income of one to six minimum wages, with a salaried head of the family, and it encompasses ten Metropolitan Areas in the country, besides Brasília and the municipalities of Goiânia and Campo Grande. In order to measure the index of the month the prices collected from February 27 to March 28 of 2014 (reference) were compared with the ones in force from January 30 to February 26 of 2014 (base).