Brazil Mid-Month CPI Increases Less Than Expected

Brazil’s mid-month consumer prices rose by 0.20% in the first half of January 2026, almost in line with analysts' estimates of a 0.21%, slightly below December’s 0.25% increase. Health and personal care (+0.81%) had the largest impact and variation among the seven categories that recorded price growth. Other significant contributors included communication (+0.73%) and household items (+0.43%). Food and beverages, the heaviest-weighted group in the index, accelerated from 0.13% in December to 0.31% in January. Conversely, prices decreased for housing (-0.26%) and transportation (-0.13%). On a year-on-year basis, mid-month inflation accelerated to 4.50% from 4.41% previously, compared to forecasts of 4.51%.

Brazil’s mid-month consumer prices rose 0.25% in the first half of December 2025, slightly below forecasts of a 0.3% increase and marginally higher than the 0.20% rise recorded in November. Seven of the nine product and service groups posted gains, led by transportation prices, which climbed 0.69% and had the largest positive impact on the index. Clothing also increased 0.69%, while personal expenses rose 0.46%. Food and beverages recorded a modest 0.13% increase. In contrast, household articles fell 0.64%, marking a fourth consecutive monthly decline. On a year-on-year basis, mid-month inflation eased to 4.41% from 4.50%.

Brazil’s mid-month consumer prices rose 0.20% in the first half of November 2025, slightly above forecasts of 0.18% and accelerating from a 0.18% increase in October. Seven of the nine product and service groups surveyed posted gains. Personal expenses saw the largest rise (0.85%), followed by health and personal care (0.29%) and transportation (0.22%). After five months of declines, food and beverages prices edged up 0.09%. Housing prices rose at the same pace, while clothing prices rose 0.19%. Meanwhile, household goods recorded the steepest drop at -0.20%. Annual mid-month inflation eased to 4.50% from 4.94%.