In April 2026, industrial prices changed by 2.63% compared to March 2026. In this comparison, 21 of the 24 industrial activities showed price increases. The cumulative increase for the year was 5.12%, the third highest ever recorded for an April since the beginning of the time series in 2014. The cumulative increase over 12 months was 1.07%. In April 2025, the IPP, in the monthly comparison, had been -0.12%.

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

In April 2026, industry prices changed by 2.63% compared to March 2026 (2.28%). A total of 21 of the 24 industrial activities investigated in the survey showed positive price changes compared to the preceding month. In comparison, 19 activities had shown higher average prices in March against February.

The four most intense changes were in other chemical products (9.91%); rubber and plastics (7.31%); petroleum refining and biofuels (6.44%); and mining and quarrying industries (4.92%).

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

Other chemical products was the most prominent industrial sector in the overall result, when comparing April and March prices. This activity was responsible for 0.80 percentage points (pp) of influence on the 2.63% change in general industry. Also noteworthy in this category were petroleum refining and biofuels, with 0.63 pp of influence, food (0.34 pp) and rubber and plastics (0.29 pp).

The cumulative rate for the year was 5.12% in April. For 2025, the cumulative rate up to April was -0.68%. The cumulative rate for the year up to this reference month is the third highest ever recorded for an April since the beginning of the time series in 2014.

Among the activities that, in April 2026, had the largest changes in the cumulative rate for the year, the following stood out: mining and quarrying industries (23.11%), other chemical products (17.66%), petroleum refining and biofuels (9.67%), and rubber and plastics (9.37%).

In the composition of the aggregate result for industry, from the perspective of this same indicator (year-to-date), the main influences were registered in other chemical products: 1.36 percentage points, mining and quarrying industries: 0.99 percentage points, petroleum refining and biofuels: 0.95 percentage points, and food: 0.63 percentage points.

In the 12-month period, calculated by comparing the prices of April 2026 to those of April 2025, the change was 1.07% in this reference month. In March, this same indicator had registered a rate of -1.63%.

The sectors with the four largest price changes in the comparison of April with the same month of the previous year were: mining and quarrying industries (20.29%); printing (18.84%); rubber and plastics (9.32%); and machinery, appliances and electrical materials (9.32%).

Also, when comparing the cumulative figures over 12 months, the sectors with the greatest influence on the aggregate result were: food (-1.72 pp); mining and quarrying industries (0.86 pp); other chemical products (0.52 pp); and petroleum refining and biofuels (0.37 pp).

Among the broad economic categories, the April result was reflected as follows: 1.26% change in capital goods (BK); 4.10% in intermediate goods (BI); and 0.78% in consumer goods (BC), with the change observed in durable consumer goods (BCD) being 0.25%, while in semi-durable and non-durable consumer goods (BCND) it was 0.89%.

The main influence among the broad economic categories was exerted by intermediate goods, whose weight in the composition of the overall index was 55.18% and accounted for 2.23 percentage points of the 2.63% change in the mining and quarrying and manufacturing industries.

Completing the list are consumer goods, with an influence of 0.30 percentage points, and capital goods with 0.10 percentage points. In the case of consumer goods, the influence observed in April is divided into 0.02 percentage points, which was due to the change in the prices of durable consumer goods, and 0.28 percentage points associated with the change in semi-durable and non-durable consumer goods.

Producer Price Index, change by Mining and Quarrying and Manufacturing Industries (General Industry) and Broad Economic Categories, Brazil, last three months

In the year-to-date figures, the change reached -0.77% for capital goods; 8.11% for intermediate goods; and 2.17% for consumer goods – with durable consumer goods accumulating a change of -0.09%, while semi-durable and non-durable consumer goods accumulated 2.61%.

In terms of influence on the year-to-date result, capital goods accounted for -0.06 percentage points of the 5.12% increase observed in the overall industry up to April of this year. Intermediate goods, in turn, accounted for 4.35 percentage points, while consumer goods exerted an influence of 0.83 percentage points on the aggregate result of the industry, an influence that is divided into -0.01 percentage points due to changes in the prices of durable consumer goods and 0.84 percentage points caused by changes in the prices of semi-durable and non-durable consumer goods.

Over the past 12 months, the price change for capital goods was -0.06% in April 2026. The prices of intermediate goods, in turn, changed by 2.37% during this one-year period, and the change in consumer goods was -0.56%, with durable consumer goods showing a price change of 1.52% and semi-durable and non-durable consumer goods showing -0.95%.

Regarding the influences on the aggregate result, with a weight of 55.18% in the calculation of the overall index, intermediate goods accounted for 1.29 percentage points of the 1.07% cumulative change in the industry over 12 months in this reference month. In the April 2026 result, there was also an influence of 0.00 percentage points from capital goods and -0.21 percentage points from consumer goods.

The result for consumer goods, in particular, was influenced by 0.09 percentage points from durable consumer goods and by -0.30 percentage points from semi-durable and non-durable consumer goods, the latter accounting for 83.76% of the index for that large category.

Mining and quarrying industries: In April 2026, mining and quarrying industries maintained price growth, registering a change of 4.92% compared to the previous month. The sector stood out in all indicators analyzed in terms of change and/or influence on aggregate results.

In the monthly comparison, this performance corresponded to the fourth largest change among the activities analyzed. In the cumulative year-to-date figures, the April result showed a change of 23.11%, the highest among the activities and the highest value for an April since 2021, exerting an influence of 0.99 percentage points on the total of 5.12%. In the year-on-year comparison, the change was 20.29%, with an influence of 0.86 percentage points on a total of 1.07%, representing, respectively, the first and second most significant results among all activities in this indicator.

The sector's performance was mainly driven by the products "crude petroleum oils" and "copper ores and their concentrates, crude or processed". The observed results are aligned with the behavior of the international market.

Food: for the second consecutive month, prices in the sector changed, on average, positively, by 1.43% in April. With this, the cumulative figure for the year advanced from 1.14% in March to 2.59%, a different scenario from the previous year when, in April, the cumulative figure for the year changed -1.50%. Even with the positive results, the comparison between April 2026 and April 2025 remains negative, at -6.76%. In terms of index numbers, the April 2026 figure of 181.86 is 8.16% lower than the series peak of 198.02, reached in December 2024.

The sector's highlight was its influence: it ranks third in the comparison between April and March of the current year, 0.34 percentage points, at 2.63%; fourth in the year-to-date figure, 0.63 percentage points, at 5.12%; and the first and only negative figure among the four highlighted in the 12-month cumulative figure, -1.72%, at 1.07%.

In the monthly comparison, the four most intense changes were positive. In terms of influence, with the exception of one ("roasted and ground coffee"), the others also had higher prices in April compared to March. It is worth noting that the net influence of the four most influential products totals 1.49 percentage points, meaning that the remaining 39 selected products negatively impacted the overall result (-0.06 percentage points), given that the sector experienced a price increase of 1.43%.

In both lists – the four products with the greatest change and the four most influential – there are two common products: "sterilized/UHT/Long Life milk" and "VHP (very high polarization) sugar". Among the four with the greatest change, in addition to milk, "fresh cheeses (uncured): mozzarella excluding Minas cheese" also stands out. The price movement of both is in line with the increase in the price of raw milk (seasonal), at a time when, alongside a restricted supply, competition among dairies is driving the observed increase. In other words, costs are the main source of the increase.

In the case of "VHP (very high polarization) sugar," the price increase was linked to specific market opportunities for some companies, given that, among all those selected, a good number practiced lower prices during the month. The price increases observed in "fresh or chilled beef" expresses a situation where there is a restricted supply of cattle for slaughter, coupled with increased external demand, which was reflected throughout the entire chain. Finally, the decline in prices of "roasted and ground coffee" responded both to the movement of the international market, including expectations of a good harvest in Brazil, but also aligns with the appreciation of the real against the dollar – 3.8% in April; 7.7% year-to-date; and 13.0% over 12 months.

Petroleum refining and biofuels: prices in the sector, comparing April to March of this year, not only continued to increase but accelerated compared to March, 6.44% in April versus 4.24% in March. As a result, the year-to-date increase went from 3.03% in March to 9.67% (it was -0.21% in April 2025). It is worth noting that this is the first positive April since 2022, when the cumulative increase reached 22.92%. Finally, in the cumulative 12-month period, the result of 3.70% is the first positive figure since May 2025 (0.69%) and the highest since April 2025 (3.62%).

The sector stood out among the four largest changes and influences. In terms of change, always positive, it was the third largest both in the monthly comparison and in the cumulative year-to-date figure. In terms of influence, it was second in the comparison between April and March of the current year (0.63 percentage points, at 2.63%); third in the cumulative year-to-date figure (0.95 percentage points, at 5.12%); and fourth in the cumulative12-month figure (0.37 percentage points, at 1.07%).

The largest changes observed, all positive, are from products with less weight in the sector's calculation, but which have repercussions in other sectors of the economy. This is the case of "naphtha," an important raw material in the chemical sector and, through this and Indirectly, in the case of plastics. Regarding the four largest influences (5.60 percentage points out of 6.44%), two products from the previous list also appear among them (“aviation kerosene” and “fuel oils, except diesel”), but the other two have the greatest weight in the calculation: “diesel fuel” (40.74%), the one with the greatest weight, and “ethyl alcohol (anhydrous or hydrated)” (15.76%), the third in terms of weight. The price of alcohol was influenced by the increased processing of freshly harvested sugarcane. The price of “diesel fuel” and the entire petroleum chain is in line with the effects of the conflict that has obstructed one of the main transportation channels for crude petroleum, the Strait of Hormuz.

Other chemical products: the activity with the third largest weight in the IPP calculation (8.65% in April), reached a change of 9.91% in the reference month, the highest among all the activities surveyed. After a monthly deflation of -0.25% in February, the activity accelerated to 4.99% in March and reached 9.91% in April, following geopolitical conflicts in the Middle East. The war, particularly the closure of the Strait of Hormuz, has intensely impacted the prices of chemical products, which is explicitly reflected in the monthly performance of most product prices in the sector. Naphtha, for example, a basic product of the petrochemical industry, as mentioned earlier, stood out among the largest positive price changes in the refining sector. In the year-to-date, the change observed in activity was 17.66% in April, the second highest among all activities. Regarding the 12-month change, after seven months in negative territory, it reached 6.39%.

The activity also stood out in terms of influence: marginally, it contributed 0.80 percentage points to the 2.63% monthly change of the overall industry; in the year-to-date, it contributed 1.36 percentage points to the change of 5.12%, the highest among all activities; finally, in the accumulated 12-month period, the contribution was 0.52 percentage points to the overall change of 1.07% – the third highest in absolute values.

Regarding the selected industrial groups, "manufacture of inorganic chemical products" changed by 2.70% in April, reaching 13.91% for the year and 8.45% in the cumulative12-month period. The "manufacture of resins and elastomers" group suffered a strong shock in its factory gate prices in April, varying by 42.39%. In the cumulative index in the year, the group changed by 51.94%, while in the cumulative 12-month period it reached 27.51%. The "manufacture of agricultural pesticides and household disinfectants" group, in turn, showed a monthly deflation of 7.12%, accumulating -4.65% for the year and -13.96% in the cumulative 12-month period. Over the past 12 months, this group has shown less sensitivity to positive price changes since the beginning of the Iran war in February, with companies altering strategies amidst the economic turbulence. The 3.8% currency appreciation in April also impacts the prices of this group.

The product with the greatest weight in the activity, "NPK-based fertilizers," showed a positive influence both in the year-to-date and 12-month cumulative figures. Another highlight is the product "linear polyethylene, with a density less than 0.94," which showed positive results in all analysis aspects, both in terms of change and influence.

Rubber and plastics: this activity showed a change of 7.31% from March to April, accumulating a 9.37% change in 2026. With this result, the sector positioned itself as having the second highest change observed among all sectors analyzed in the survey from March to April; the third highest change in the 12-month indicator (9.32%); and the fourth highest cumulative change in 2026. In the period from February to April alone, the cumulative increase was 9.81%, reflecting the impact of the conflicts in the Middle East on the activity.

The month of April proved to be one of the periods of greatest escalation in the conflict, therefore affecting the prices of inputs for the plastics industry. The products with the greatest monthly changes were: "disposable plastic articles"; "plastic films (including BOPP) for packaging"; "bottles, jugs and similar plastic articles"; and "flexible plastic tubes/tubes, excluding construction". All products whose inputs are linked to the petrochemical industry. Also noteworthy are the products of "plastic bags for packaging or transport," which are among the biggest influences on the three indicators (monthly, annual, and year-to-date), as well as "plastic films (including BOPP) for packaging." This reinforces the exposure of plastic production prices to shocks in prices and supply chains linked to the petrochemical industry.