IGP-10 rises 0.05% in January 2023

As a result, the index has increased 4.27% in the last 12 months. In January 2022, it went up 1.79% that month and was up 17.82% in the previous 12 months.
Economics
17 January 2023
IGP-10 rises 0.05% in January 2023

The General Price Index – 10 (IGP-10) has risen 0.05% so far in January. In December, it went up 0.36%. As a result, the index has increased 4.27% in the last 12 months. In January 2022, it went up 1.79% that month and was up 17.82% in the previous 12 months.

“Even though the prices of some important commodities are rising for producers, such as iron ore (11.92%), beef (2.40%), coffee (5.23%) and beans (10.30%), the drop recorded in fuel prices, especially gasoline (-5.31%) and diesel (-7.15%), helped contain the producer index rate, which fell 0.06% in this edition. This result caused IGP-10’s 12-month rate to decline to 4.27%, the lowest result since November 2019, when it was up 3.33% in the previous 12 months,” says André Braz, FGV’s price index coordinator.

Broad Producer Price Index (IPA)

The Broad Producer Price Index (IPA) has fallen 0.06% so far in January. Last month, it increased 0.31%. Breaking down the results by processing stage, the prices of Finished Goods went up 0.30% in December and declined 0.59% so far in January. The main contribution to this result came from the Processed Foods subgroup, whose rate fell from 0.52% to -1.03%. The Finished Goods (ex) Index, which excludes the Fresh Foods and Fuels for Consumption subgroups, fell 0.33% in January, after rising 0.35% in December.

The Intermediate Goods group’s rate went from -0.40% in December to -1.33% in January. The main driver for this movement came from the Fuels and Lubricants for Production subgroup, which went from -0.56% to -6.66%. The Intermediate Goods (ex) Index, obtained by excluding the Fuels and Lubricants for Production subgroup, fell 0.18% in January, after decreasing 0.36% the previous month.

The Gross Raw Materials group’s rate went from 1.12% in December to 1.87% in January. The main contributions to this growth came from the following items: coffee (-8.37% to 5.23%), iron ore (12.08% to 11.92%) and beef (-0.31% to 2.40%). On the other hand, the main downward moves were seen in soybeans (-0.14% to -1.13%), oranges (0.66% to -8.59%) and poultry (-1.14% to -3.41%).

Consumer Price Index (CPI)

The Consumer Price Index (CPI) has increased 0.47% so far in January, after rising 0.58% in December. Four of the index’s eight spending classes recorded decreases in their rates of variation: Transport (0.85% to 0.06%), Food (1.12% to 0.67%), Housing (0.46% to 0.12%) and Miscellaneous Expenses (0.49% to 0.10%). The main contributions to this movement came from the following items: gasoline (1.82% to -0.71%), vegetables (11.79% to 4.04%), residential electricity charges (1.58% to -0.53%) and banking services (0.76% to 0.00%).

On the other hand, there were accelerations in the following groups: Education, Publications and Recreation (-0.45% to 1.13%), Communication (0.11% to 0.73%), Apparel (0.35% to 0.87%) and Health and Personal Care (0.58% to 0.69%). In these spending classes, the biggest influences came from formal courses (0.00% to 2.49%), cell phone charges (-0.10% to 0.92%), clothing accessories (-1.13% to 1.51%) and hygiene and personal care items (0.51% to 0.71%).

Civil Construction Index (INCC)

The Civil Construction Index (INCC) has risen 0.14% so far in January, after increasing 0.36% in December. The index’s three component groups recorded the following changes between December and January: Materials and Equipment (0.27% to -0.14%), Services (0.35% to 0.44%) and Labor (0.44% to 0.34%). 

The full study is available here.

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