The Extended National Consumer Price Index - IPCA of November registered a change of -0.21%, while in October the change had been 0.45%. The result was the lowest since July 2017, when the IPCA stood at -0.23%. It was the lowest rate for November since the implementation of the "Plano Real", in 1994. The cumulative index of the year was 3.59%, above the 2.50% registered in the same period of 2017. Considering the last twelve months, the index stood at 4.05%, below the 4.56% of the previous last 12 months. In November 2017, the rate reached 0.28%. The support material of the IPCA is on the right of this page.

Five of the nine groups of goods and services surveyed registered deflation from October to November, with a highlight to Transportation (-0.74%), which was responsible for the greatest negative impact on the November IPCA, with -0.14 percentage points (pp), and Housing (-0.71% and -0.11 pp). Concerning the highs, the greatest contribution (0.10 pp) stood with the group Food and beverages, whose change was of 0.39%.

The group of Transportation, which in October registered the greatest change and impact among the groups of goods and services surveyed (0.92% and 0.17 pp), in November offset the result and showed the lowest change (-0.74%) and the lowest impact among the groups (-0.14 pp), especially due to fuels (-2,42%). Gasoline stood, on average, 3.07% cheaper in November. Conversely, the drops in diesel fuel and ethanol were less sharp, -0.58% and -0.52%, respectively, against the highs of 2.45% and 4.07% recorded in October. Natural gas went on an upward trend, from 0.06% to 5.45% in November.

Regionally, all surveyed areas recorded price drops in gasoline, standing between the -5.35% recorded in Brasilia and -1.06% in the Metropolitan Area of Rio de Janeiro. Also in Transportation, the item airfares also decelerated, with a high of 2.92% against the 7.49% in October.

In the group Housing (-0.71%), the highlight was the item electricity (-4.04%), the greatest negative contribution in the November IPCA (-0.16 pp). The areas had changed between the -6.83% of the Metropolitan Area of Fortaleza and the 4.31% of Goiânia. In Goiânia, the high was due to the adjustment of 15.56% in the fare, in force since October 22. The decrease in the other areas was driven by the change in the tariff flag. In November, the yellow flag entered into effect, with an additional charge of R$0.01 for each consumed Kwh. In October, the additional charge was R$0.05.

It is worth mentioning the following price increase in electricity tariffs: 7.35% in one of the concessionaires of Porto Alegre (-4.79%), starting on November 22; 15.23% in one of the concessionaires in São Paulo (-5.32%), starting on October 23 and 6.18% in Brasília
(-0.63%), in effect since October 22.

Also in Housing, the change of 2.08% in the item piped gas was due to the adjustment of 4.61% in the tariff in Rio de Janeiro (3.91%), in effect since November 1st. Bottled gas recorded high of 0.52%. Petrobras authorized an increase of 8.53% in the refineries, on November 6,  for the 13-kg bottled gas.

In the group  Health and personal care, the change of -0.71% occurred mostly due to persona hygiene items, on average, 4.65% cheaper. In Wearing Apparel (-0.43%), negative changes were registered in male apparel (from 0.68% in October to
-0.63% in November), female apparel (from 0.52% in October to -1.28% in November) and kids-ware (from 0.31% in October to -0.43% in November). In Communication
 (-0.07%) the highlight was mobile phones, with a 1.44% decrease.

Concerning the highs, with 0.10 pp of impact on the monthly index, the group Food and beveragesdecelerated from October (0.59%) to November (0.39%) under the influence of food at home (from 0.91% to 0.34% in November). Some items got more expensive from one month to the other, such as onions (24.45%), tomatoes (22.25%), potatoes (14.69%) and green vegetables (4.43%). On the other hand, long life milk kept the downward trend of the last months, changing -7.52% with contribution of -0.08 pp on the index of the month. In food away from home (0.49%), the highlights are  meals (from -0.01% in October to 0.58% in November) and snacks (from -0.25% in October to -0.29% in November).

As to the other regional indices, according to the table below, all surveyed areas recorded price decrease from one moth to the other, except for the Metropolitan Area of Belém (0.00%) and Goiânia (0.12%), featuring the highest change among the areas, due to the 23.58% high of tomatoes and the 4.31% increase in electricity because of the price adjustment of 15.56% in the fares in effect since October 22. Th lowest index (-0.43%) was recorded in Brasília, driven by the decreases of 5.35% and 5.13%, respectively, in gasoline and in personal hygiene.

The IPCA has been calculated by the IBGE since 1980. It refers to households with monthly income of 1 to 40 minimum wages, whatever the source. It encompasses ten metropolitan areas in Brazil, besides the municipalities of Goiânia, Campo Grande, Rio Branco, São Luís, Aracaju and Brasília. For the calculation of the index prices collected from 27 October to 28 November of 2018 (reference) were compared to those of 28 September to 26 October 2018 (base).

INPC changes -0.25% in November

The National Consumer Price Index - INPC recorded a change of -0.25% in November, quite below the 0.40% result of October. Such result is the lowest since June 2017, when the INPC stood at -0.30% and, for a November, it is the lowest level since the implementation of the "Plano Real" in 1994. The cumulative index in the year stayed at 3.29%, above the rate of 1.80% recorded in the same period last year. Concerning the last 12 months, the index stayed at 3.56%, below the 4.00% of the previous 12 months. Rate reached 0.18% in November 2017.

Food products rose 0.45% in November, whereas in the previous month they registered 0.61%. The group of non-food products changed -0.55%, whereas it had recorded 0.31% in October.

As to the other regional indices, according to the table below, all surveyed areas recorded price decrease from one moth to the other, except for the Metropolitan Area of Fortaleza (0.06%) and Goiânia (0.34%), featuring the highest change among the areas, due to the 23.58% high of tomatoes and the 4.34% increase in electricity because of the price adjustment of 15.56% in the fares in effect since October 22. Th lowest index (-0.58%) was recorded in Brasília, driven by the decreases of 5.35% and 5.80%, respectively, in gasoline and in personal hygiene.

In order to estimate the index of the month, the prices collected from October 27 to November 28 of 2018 (reference) were compared with the prices in force from September 28 to October 26 of 2018 (base). The INPC has been calculated by the IBGE since 1979. It refers to households with monthly income of 1 to 5 minimum wages, with a salaried head of the household. It encompasses ten metropolitan areas in Brazil, besides the municipalities of Goiânia, Campo Grande, Rio Branco, São Luís, Aracaju and Brasília.