In May 2026, industrial prices changed by -0.30% compared to April 2026, reversing the course of the change seen from March to April (2.62%). In this comparison, seven of the 24 industrial activities showed price declines. The year-to-date figure was 4.80%. The 12-month cumulative rate stood at 1.99%. In May 2025, the IPP, on the annual comparison, had been -1.21%.

The Producer Price Index (PPI) for Mining and Quarrying and Manufacturing Industries measures "factory gate" prices of products, excluding taxes and freight costs, and covers broad economic categories.

In May 2026, industrial prices changed by -0.30% compared to April 2026 (2.62%). Seven of the 24 industrial activities surveyed showed negative price changes relative to the preceding month, mirroring the direction of the change in the overall industrial index.  Three activities had shown lower average prices in April against the previous month, a period when the change in this same indicator had been positive for the industry as a whole.

The four activities with the largest changes were: mining and quarrying industries (-5.90%); rubber and plastic (4.80%); wood (3.08%); and other chemical products (2.14%).

Producer Price Index, according to Mining and Quarrying and
to Manufacturing Industries (General Industry) and Sections, Brazil, last three months

Food was the most prominent industrial activity in the aggregate result, when comparing May and April prices. The sector was responsible for -0.48 percentage points (pp) of influence on the -0.30% change in the general industry. Still in this regard, other activities that also stood out were Mining and Quarrying industries, with -0.30 pp of influence; rubber and plastic (0.20 pp) and other chemical products (0.19 pp).

The cumulative result for the year was 4.80% in May. In the previous year (2025), the cumulative rate until the month of May had been -1.89%. The value of the cumulative rate in the year up to this reference month is the fourth highest ever recorded for a month of May since the beginning of the time series, in 2014.

Among the activities that, in May 2026, had the biggest changes in the year, the following stood out: other chemical products (20.28%), Mining and Quarrying industries (15.78%), rubber and plastic (14.78%) and petroleum refining and biofuels (8.27%).

In the composition of the aggregate result of the industry, from the perspective of this same indicator (cumulative rate in the year), the main influences recorded were in other chemical products: 1.57 pp, petroleum refining and biofuels: 0.81 pp, Mining and Quarrying industries: 0.68 pp and rubber and plastic: 0.58 pp.

In the 12-month period, calculated by comparing prices from May 2026 to those from May 2025, the change was 1.99% in this reference month. In April, this same indicator had registered a rate of 1.07%.

The sectors with the four biggest price changes when comparing May with the same month of the previous year were: Mining and Quarrying industries (16.65%); printing (15.00%); rubber and plastic (14.93%); and other chemicals (12.25%).

And, also in the comparison of the cumulative result in 12 months, the sectors with the greatest influence on the aggregate result were: food (-2.00 pp); other chemical products (0.99 pp); Mining and Quarrying industries (0.69 pp); and rubber and plastic (0.57 pp).

Among the broad economic categories, the results of May had the following impact: -0.21% change in capital goods (BK); -0.29% in intermediate goods (BI); and -0.34% in consumer goods (BC), with the change observed in durable consumer goods (BCD) being 0.09%, while in semi-durable and non-durable consumer goods (BCND) it was -0.42%.

The main influence among the Broad Economic Categories was exerted by intermediate goods, whose weight in the composition of the general index was 55.18% and accounted for -0.16 pp of the -0.30% change in Mining and Quarrying and Manufacturing Industries.

The list is completed by consumer goods, with an influence of -0.12 pp, in addition to capital goods, with -0.02 pp. In the case of consumer goods, the influence observed in May is divided into 0.01 pp, which was due to the change in the prices of durable consumer goods, and -0.13 pp associated with the change in semi-durable and non-durable consumer goods.

In the year-to-date figures, the change reached -0.98% for capital goods, 7.78% for intermediate goods, and 1.82% for consumer goods—with durable consumer goods showing a cumulative change of 0.40%, while semi-durable and non-durable consumer goods showed 2.10%.

Regarding the influence on the year-to-date result, capital goods accounted for -0.08 percentage points (pp) of the 4.80% change observed in the general industrial sector through May of this year. Intermediate goods, in turn, accounted for 4.18 pp, while consumer goods exerted an influence of 0.70 pp on the aggregate industrial result; this influence breaks down into 0.03 pp from price changes in durable consumer goods and 0.67 pp from changes in semi-durable and non-durable consumer goods.

In the 12-month cumulative period, the price change for capital goods was -0.25% as of May 2026. Prices for intermediate goods changed by 4.48% over this one-year span, and the change for consumer goods was -1.04%, with durable consumer goods showing a price change of 1.73% and semi-durable and non-durable consumer goods showing -1.57%.

Regarding influences on the aggregate result—given that intermediate goods carry a weight of 55.18% in the general index calculation—this category accounted for 2.41 pp of the 1.99% cumulative 12-month change in the industrial sector for the reference month. The result for May 2026 also reflected an influence of -0.02 pp from capital goods and -0.40 pp from consumer goods. The result for consumer goods, in particular, was influenced by 0.11 pp by durable consumer goods and by -0.51 pp by semi-durable and non-durable consumer goods—the latter accounting for 83.63% of the weight in the calculation of that broad category's index.

Mining and Quarrying Industries: after two consecutive positive results, the Mining and Quarrying industries recorded their second negative result of the year in May 2026, with a 5.90% drop compared to April. The sector stood out among the analyzed activities, both in terms of the rate of change and its influence on the aggregate results.

In the month-over-month comparison, the -5.90% change was the largest among all activities in absolute terms, and it was also the only decline among the four most significant changes recorded that month. This result contributed -0.30 pp to the total change of -0.30%. In the year-to-date period, the sector showed a change of 15.78%—the second-highest among the activities—contributing 0.68 pp to the aggregate result of 4.80%. Finally, the year-over-year comparison showed a change of 16.65%, with an influence of 0.69 pp on the total of 1.99%; these figures represent the first and third most significant results among the activities for these respective indicators.

The short-term result was primarily influenced by the products "crude petroleum oils" and "iron ores and concentrates, excluding pelletized/sintered." Conversely, the products "copper ores and concentrates, whether or not processed" and "natural gas, liquefied or in a gaseous state" acted to mitigate the decline observed in the sector. Finally, it is worth noting that, overall, the observed results align with international market trends.

Food Products: after two months of positive month-over-month changes, average food prices fell by 2.05% from April to May. Consequently, the year-to-date figure, which stood at 2.37% in April, dropped to 0.27%. The annual change remained negative—as it has for nine consecutive months—shifting from -6.96% in April to -7.84% in May.

The sector is highlighted due to its influence on the overall result; it ranked first in both the monthly comparison (-0.48 pp out of the -0.30% total) and the 12-month cumulative figure (-2.00 pp out of 1.99%). It is also worth noting that this sector holds the greatest weight in Brazilian industry; regarding the IPP, its contribution in May was 23.09%.

From April to May, three products appeared on the lists of both the largest changes and the greatest influences: "VHP (very high polarization) sugar," "sterilized/UHT/long-life milk," and "roasted and ground coffee (including flavored and in capsules, as well as decaffeinated)," all of which saw price declines. The fourth product among the most influential was "crystal sugar," which also showed lower average prices in May compared to April. These four products accounted for -2.02 pp of the -2.05% total change. In terms of change, the fourth product—and the only one to show a price increase—was "fresh, salted, or dried cattle and equine hides/skins."

The pullback in sugar prices aligns with the progress of the sugarcane harvest, but one must also consider the appreciation of the real against the dollar (1.0% in May versus April; 8.6% year-to-date; and 12.1% year-over-year). The coffee harvest season, again combined with the appreciation of the real, also explains the drop in price of “roasted and ground coffee, including flavored and in capsules (even decaffeinated).” In the case of “sterilized / UHT / long-life milk,” the widespread trend of price reductions across companies was attributed either to a drop in raw milk prices or to specific market opportunities.

Petroleum refining and biofuels: after two consecutive months of price increases compared to the previous month, the sector saw a price change of -1.27% from April to May. Consequently, the year-to-date figure shifted from a 9.67% change in April to 8.27% in May. Year-over-year, the 5.30% change is the highest since March 2025 (8.11%).

The sector’s prominence is linked to its year-to-date performance: the May result was the fourth most significant (in this case, positive) among all industrial activities, representing the second-largest influence (0.81 pp out of the total 4.80%).

Comparing May to April, the four products highlighted for their price change showed increases in May. However, regarding their influence on the total, two products saw price decreases in May (the net influence of the four products was -1.42 pp out of the total -1.27%). These two products are among those with the highest weight in the sector's calculation: “diesel fuel” (the highest weight) and “ethyl alcohol (anhydrous or hydrated)” (the third-highest weight). For alcohol, the progression of the sugarcane harvest is a key factor explaining the observed trend.

Other Chemical Products: average prices in the chemical industry rose 2.14% in May compared to April, still heavily influenced by the shock to international prices caused by the geopolitical situation in the Middle East.

This rate is the fourth highest recorded in the IPP for this reference month. Price increases contributed 0.19 percentage points to the overall industry index, helping to ensure that the decline in the aggregate figure was not more severe than the -0.30% observed across the mining and quarrying and manufacturing industries.

Year-to-date, factory-gate inflation for chemicals rose to 20.28%, up from 17.76% in April—reflecting the intensity and persistence of external pressures on products and inputs traded by the sector.

The rise in prices compared to the previous month can be directly linked to trends within the petrochemical supply chain—ranging from basic inputs to second-generation products—continuing a pattern observed in recent months.

These segments continued to face pressure from international prices, indicating not only the pass-through effect of naphtha costs but also challenges in global market distribution and a strong shift toward caution in the replenishing of conumer chains. To some extent, second-generation products may also have reflected the domestic market absorbing this shock.

In the case of fertilizers, the market showed signs of stability after having simultaneously experienced a shock similar to that of the petrochemical sector. The inorganic products group—which includes a significant share of fertilizers—recorded a 0.42% price decline. Items such as "NPK-based fertilizers" exerted downward pressure on prices for the month, whereas "urea," for instance, contributed positively to the supply chain's overall result.

Rubber and Plastic: the activity in this sector showed a 4.80% change from April to May, following a 7.47% rise in April, resulting in a cumulative increase of 12.62% over the last two months. Notably, this result brought the sector's year-to-date change to 14.78%, placing it among the top four sectors surveyed in terms of price change for the year. The 12-month indicator showed a change of 14.93%, placing this activity among the top four and reinforcing the recent impact of the increases observed in April and May.

The sector continues to reflect the effects of instability in the Middle East, which keeps pressure on costs throughout the petrochemical input supply chain, directly impacting plastic production prices. This environment contributes to sustained positive changes, although at a slower pace than in the immediately preceding month.

Notable among the products with the greatest changes and influence across all three indicators (monthly, 12-month cumulative, and year-to-date cumulative) were "non-cellular, non-reinforced plastic sheets/similar products" and "plastic material films (including BOPP) for packaging"—with the latter also carrying the greatest relative weight within the activity.

Finally, it is worth noting that all the products contributing most significantly to change and influence showed price increases, highlighting a widespread upward price trend within the activity in May, consistent with ongoing pressure on industrial inputs.