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Inflation calculated by the General Price Index – Market (IGP-M) lost strength in October, after the rebound of the previous month. The indicator, which is used to correct most residential rental contracts, stood at 3.23% this month, after reaching 4.34% in September.
IGP-M monthly variation – Photo: Economía G1
Even with the slowdown is the highest rate for a month in October since 2002, when it was 3.87%. The data were published on Thursday (29) by the Fundação Getulio Vargas (FGV). In 12 months, the IGP-M increased by 20.93% and in the year by 18.10%.
IGP-M months of October – Photo: Economía G1
A the slowdown in the indicator was driven by a truce in iron ore prices, which fell 0.71%, after rising 10.81% in September. As a result, the Wholesale Price Index (IPA), one of the three components of the IGP-M, slowed from 5.92% to 4.15%.
But consumer prices, measured by the consumer price index (CPI) and construction, the other two indices that make up the IGP-M – accelerated again this month. The CPI went from 0.64% to 0.77% (the largest change since December 2019, when it was 0.84%), while the INCC accelerated from 1.15% to 1.69%.
Food influenced consumer prices
Data from FGV shows that consumer food prices continued to accelerate this month. The rate, which was 1.30% the previous month, reached 1.90%. Three of the four items with the greatest upward influence on the CPI this month were food: rice (14.84%), soybean oil (22.87%) and tomato (11.30%).
IGP-1000 – IPC – Photo: CEconomia C1
The biggest influence, however, came from airline tickets, which were 34.21% more expensive this month. New cars complete the list of the five biggest influences, with an increase of 0.70%.
Main upstream influences:
- To the producer
Soy: 14.96%
Corn grain: 10.95%
Cattle: 6.92%
Soybean meal: 13.45%
Bovine meat: 4.70% - To the consumer
Flights: 34.21%
Rice: 14.84%
Soybean oil: 22.87%
Tomato: 11.30%
New car: 0.70% - In construction
PVC pipes and fittings: 16.28%
Rods and wires: 10.54%
Aluminum frames: 7.07%
Steel and iron pipes and fittings: 7.62%
Brick / ceramic tile: 5.31%
