The Extended National Consumer Price Index 15 (IPCA-15) was 0.20% in January, 0.05 percentage points (p.p.) below the December result (0.25%). In the year, the IPCA-15 accumulated an increase of 0.20% and, in the last 12 months, of 4.50%, above the rate of 4.41% observed in the immediately previous 12 months. In January 2025, the rate had been 0.11%.

Of the nine groups of products and services surveyed, Housing (-0.26%) and Transportation (-0.13%) showed a decline in the January rate. The other groups stayed between 0.05% of Education and 0.81% of Health and personal care.

IPCA-15 change by group of products and services

The group of Health and personal care showed the biggest impact (0.11 p.p.) and the highest change (0.81%) in the January result, after the 0.01% decline in December. The highlights were Personal hygiene products, which rose 1.38% (0.05 p.p. of impact) compared to the 0.78% drop in December, and health insurance plans, with 0.49% change and 0.02 p.p. of impact.

With an increase of 0.73%, the group of Communication recorded the second highest change, influenced by the sub-item telephone device, which rose 2.57% in the month.

After the 0.64% decline in December, the 0.43% change in household articles was driven by the increase in the item TV, sound and computer equipment (1.79%).

Food and beverages, the group with the greatest weight in the index, accelerated from December (0.13%) to January (0.31%). Interrupting a sequence of seven consecutive months of decline, food at home rose 0.21%. Contributing to this result were increases in tomatoes (16.28%), potatoes (12.74%), fruits (1.65%) and meat (1.32%). On the dropping side, the highlights were the declines in long-life milk (-7.93%), rice (-2.02%) and ground coffee (-1.22%). Food away from home recorded a change of 0.56% in January, with increases in snacks (0.77%) and meals (0.44%).

The group of Transportation represented a drop of 0.13% in January, influenced by airfare, which fell 8.92%, and urban bus, with a decline of 2.79%, especially due to the implementation of zero fare on Sundays and holidays in Belo Horizonte (-18.26%). Still regarding urban bus, the following fare adjustments were incorporated:

• 20.00% in Fortaleza (5.90%), since January 1st.
• 6.38% in Rio de Janeiro (2.13%), since January 4.
• 5.36% in Salvador (1.15%), since January 5.
• 6.00% in São Paulo (-6.53%), since January 6, considering free fare on Sundays and holidays.
• 8.70% in Belo Horizonte (-18.26%), since January 1st, also including free fare on Sundays and holidays.

Furthermore, due to the fare reduction on holidays, Curitiba recorded a 0.37% reduction in urban bus and, in Brasília, the reduction was 0.69%, due to free fare on Sundays and holidays, which were also in force in Belém (3.73%). Still in Transportation, the 2.52% change in subway occurred due to the 0.69% reduction in Brasília due to free services on Sundays and holidays, and the 3.85% increase in São Paulo (4.58%), since January 6, the same adjustment applied to train (2.43%), in São Paulo (4.58%), with the same validity. Also in São Paulo (-0.94%), public transportation integration (-0.94%) considers the adjustment mentioned above in addition to free fare. The sub-item taxi (0.42%) reflected the adjustment of 4.92% in Rio de Janeiro (1.94%) since January 2.

On the rising side, fuels rose 1.25%, with changes of 3.59% in ethanol, 1.01% in gasoline, 0.11% in vehicular gas and 0.03% in diesel fuel.

The group of Housing showed a drop of 0.26% in January, due to the reduction of 2.91% in residential electricity, the biggest negative impact on the month's result, with -0.12 p.p. In December, the yellow tariff flag was in force, with an additional charge of R$1.885 for every 100 kWh consumed. In January, the current flag is green, at no additional cost to consumers. Additionally, there was the effect of a 21.95% tariff adjustment at one of the concessionaires in Porto Alegre (-0.47%) since November 22.

Still in Housing, water and sewage fees (1.74%) reflected the following adjustments: 6.48% in São Paulo (2.75%) and 4.69% in Porto Alegre (0.99%), both since January 1st; 2.64% in Curitiba (2.49%) since December 15 and 9.75% in Rio de Janeiro (5.50%), in effect since December 1st. It should also be registered the 2.51% increase in piped gas, reflecting the 0.08% reduction in tariffs in Rio de Janeiro (-0.04%) since January 1st, and the 4.10% increase in São Paulo (4.51%), in force since December 10.

As for regional indices, the highest change was observed in Recife (0.64%), due to increases in gasoline (2.57%) and in items of personal hygiene (1.23%). On the other hand, the lowest result occurred in São Paulo (-0.04%), with drops in long-life milk (-15.57%) and in residential electricity (-3.11%).

IPCA-15 change by area

To calculate the IPCA-15, prices were collected from December 13, 2025 to January 14, 2026 (reference) and compared with those in force from November 14 to December 12, 2025 (base). The indicator refers to families with an income of 1 to 40 minimum wages and covers the metropolitan areas of Rio de Janeiro, Porto Alegre, Belo Horizonte, Recife, São Paulo, Belém, Fortaleza, Salvador and Curitiba, in addition to Brasília and the municipality of Goiânia. The methodology used is the same as the IPCA, the difference is in the price collection period and geographic coverage. The next release of the IPCA-15 will be on February 27.