The Extended National Consumer Price Index (IPCA) for the month of November was 0.18%, 0.09 percentage points (p.p.) above the rate of 0.09% in October. In the year, the IPCA accumulated an increase of 3.92% and, in the last 12 months, the index stayed at 4.46%, below the rate of 4.68% of the immediately previous 12 months. In November 2024, the change had been 0.39%.

In November, five out of nine groups of products and services surveyed showed positive changes. Personal expenses (0.77%) and Housing (0.52%) showed the highest changes and the biggest impact (0.08 p.p. each), followed by Wearing apparel (0.49%), Transportation (0.22%) and Education (0.01%). The other groups were in the negative field: Household articles (-1.00%), Communication (-0.20%), Health and personal care (-0.04%) and Food and beverages (-0.01%).

In the group of Personal expenses (0.77%), the highlight was the sub-item Accommodation which, with a 4.09% change, had an impact of 0.03 p.p. on the index of the month. It is worth highlighting the change of the sub-item in Belém (178.93%) which, in November, hosted COP 30 - UN Climate Conference.

After registering a drop of 0.30% in October, the group of Housing showed a change of 0.52% in November, again under the influence of residential electricity, with an increase of 1.27% and 0.05 p.p. of impact. With the red tariff flag level 1 in effect, the same as the previous month, adding R$4.46 to the electricity bill for every 100 kWh consumed, the change in the sub-item is mainly due to adjustments of 19.56% in Goiânia (13.02%), since October 22; 11.21% in Brasília (7.39%), in effect since October 22; 16.05% at one of the concessionaires in São Paulo (0.70%) since October 23 and 21.95% at one of the concessionaires in Porto Alegre (2.39%) since November 22.

Having accumulated 15.08% in the year and 11.41% in the last 12 months, residential electricity was the main impact in both periods with 0.58 p.p. and 0.46 p.p., respectively.

See the table for the change in residential electricity, by area surveyed, in November, in addition to the cumulative figures in the year and in 12 months:

Also in Housing, the 9.75% adjustment was incorporated in the tariffs for water and sewage (0.29%) in Fortaleza (7.80%), in force since November 5, and the reduction of 0.04% in tariffs for piped gas (-0.01%) in Rio de Janeiro (-0.04%) since November 1st.

The 0.22% change in Transportation reflected the 11.90% increase in the sub-item airfare, the main individual impact (0.07 p.p.) on the November result. On the other hand, fuels registered a negative change in the month (-0.32%) with drops in vehicular gas (-0.51%), gasoline (-0.42%) and diesel fuel (-0.06%). Only ethanol remained in the positive field with a change of 0.39%, slowing down compared to October's 0.85%.

Also note the impact of gratuities granted for urban bus (-0.76%), due to holidays in Belém (-15.54%), Curitiba (-3.93%) and Brasília (-0.91%), with a reduction of the same magnitude in subway (-3.90%) in the federal capital. Also in subway and train (-3.63%) in São Paulo, the reduction of 6.73% in both modes refers to the gratuity granted on ENEM days, equally impacting the sub-item public transportation transfers (-4.51%).

Household articles (-1.00%) showed the lowest change among the groups of products and services surveyed, with emphasis on the reductions in household appliances and equipment (-2.44%) and TV, sound and computers (-2.28%).

In Health and personal care (-0.04%) there was a 1.07% drop in articles of personal hygiene, compared to an increase of 0.57% in the previous month.

In November, the group of Food and beverages returned to a negative level, recording a change of -0.01%, with food at home (-0.20%) falling for the sixth consecutive month. Of particular note are the drops in sub-items tomatoes (-10.38%), long-life milk (-4.98%) and rice (-2.86%). On the high side, the highlights were soybean oil (2.95%) and meat (1.05%).

Food away from home changed 0.46% in the month, with a slowdown in snacks, which went from 0.75% in October to 0.61% in November and in meals, which went from 0.38% to 0.35% in the same comparison.

As for regional indexes, the biggest change was recorded in Goiânia (0.44%), driven by the increase in residential electricity (13.02%) and meat (1.78%). The smallest change (-0.10%) was recorded in Aracaju due to the drop in car repair (-3.75%) and gasoline (-1.40%).

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 and encompasses ten metropolitan areas in Brazil, besides the municipalities of Goiânia, Campo Grande, Rio Branco, São Luís, Aracaju and Brasília. In order to estimate the index of the month, the prices collected from October 30, 2025 to November 28, 2025 (reference) were compared with the prices in force from September 30, 2025 to October 29, 2025 (base).

INPC rises 0.03% in November

The National Consumer Price Index - INPC recorded an increase of 0.03% in November. In the year, the cumulative figure was 3.68% and, in the last 12 months, 4.18%, below the rate of 4.49% observed in the immediately previous 12 months. In November 2024, the rate had been 0.33%.

Food products went from 0.00% in October to -0.06% in November. The change in non-food items went from 0.04% in October to 0.06% in November.

As for regional indexes, the biggest change (0.51%) occurred in Goiânia, due to residential electricity (13.05%) and meat (1.48%). The smallest change occurred in Belém (-0.26%), due to the drop in urban bus (-15.54%) and in articles of personal hygiene (-3.20%).

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. In order to estimate the index of the month, the prices collected from October 30, 2025 to November 28, 2025 (reference) were compared with the prices in force from September 30, 2025 to October 29, 2025 (base).