Brazil's Mid-Month Inflation Eases in March

2026-03-26 12:26 By Isabela Couto 1 min. read

Consumer prices in Brazil rose 0.44% month-over-month in the first half of March 2026, above the 0.29% forecast but easing from February's 0.84%.

All nine product and service groups posted gains.

Food and beverages led at 0.88%, followed by personal expenses at 0.82%.

Housing rose 0.24% and transportation 0.21%, while other groups ranged from 0.03% (communications) to 0.47% (clothing).

Meanwhile, fuel prices fell 0.03% overall, driven by declines in vehicle gas (-2.27%), ethanol (-0.61%), and gasoline (-0.08%), whereas diesel increased by 3.77%.

The government of Brazil has cut taxes and introduced subsidies for diesel, and Petrobras currently has wholesale diesel prices below international parity.

By region, Recife (0.82%) and Belém (0.68%) posted the highest rates.

São Paulo saw 0.52% inflation and Rio de Janeiro 0.46%.

Year-over-year, prices rose 3.90%, down from 4.10% in the prior 12-month period and below the central bank's 4.5% upper threshold, the lowest since May 2024.



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Brazil's Mid-Month Inflation Eases in March
Consumer prices in Brazil rose 0.44% month-over-month in the first half of March 2026, above the 0.29% forecast but easing from February's 0.84%. All nine product and service groups posted gains. Food and beverages led at 0.88%, followed by personal expenses at 0.82%. Housing rose 0.24% and transportation 0.21%, while other groups ranged from 0.03% (communications) to 0.47% (clothing). Meanwhile, fuel prices fell 0.03% overall, driven by declines in vehicle gas (-2.27%), ethanol (-0.61%), and gasoline (-0.08%), whereas diesel increased by 3.77%. The government of Brazil has cut taxes and introduced subsidies for diesel, and Petrobras currently has wholesale diesel prices below international parity. By region, Recife (0.82%) and Belém (0.68%) posted the highest rates. São Paulo saw 0.52% inflation and Rio de Janeiro 0.46%. Year-over-year, prices rose 3.90%, down from 4.10% in the prior 12-month period and below the central bank's 4.5% upper threshold, the lowest since May 2024.
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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%.
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