Inflation Portal: innovative feature allows price variation calculation for individual budgets
FGV’s Brazilian Institute of Economics (IBRE) calculates the country’s inflation (CPI-Br), which is an average of the price variations of the main products and services consumed by Brazilian households, totaling more than 300 items. Newly released by the IBRE, the Inflation Portal is a platform that gathers information on indexes that measure price variations in the country and other indicators that affect price behavior. One of its main innovative features and is enabling users to calculate their individual inflation.
The tool takes into account their personal spending profile. Users enter how much they spent in the month with each type of expense, such as groceries, rent, school supplies, transportation and health insurance, for instance, and generate a report. In addition to being able to compare their inflation with the national average, users can see the percentage spent on each item.
According to Pedro Guilherme Costa, an IBRE researcher and one of those in charge of the new Portal, it is a good time to foster better financial education among Brazilians, as the Real Plan celebrates its 25th anniversary in 2019.
“This environment is more mature with respect to price control, in which people in general can monitor the results of inflation. It can certainly help with financial education. It is interesting to look at the core, which is something more technical, but presented in a simplified way, to better understand short-term price variations, but in a consistent manner”, he said.
The portal also contains a section with basic information on inflation – concept, examples, main indicators and inflation perception. The goal is to enable laymen to understand the index and learn to control their own inflation, in addition to better comprehend the phenomenon of inflation (or price variations) and how it affects the economy and our daily lives.
The Inflation Portal has other content that will help you analyze inflation in Brazil. Go to the website to get to know the platform.