The IPCA (Broad National Consumer Price Index) rose 0,48% in September, ending the deflation recorded in August. The main factor for the increase was the 10,31% increase in electricity, according to data released by the IBGE (Brazilian Institute of Geography and Statistics) last Thursday (9). In the accumulated 12 months, the HICP reached 5,17%.
Despite the monthly increase, analysts point to signs of relief in the coming months. "The September data showed a benign composition, with deflation in food prices and decompression in service prices," says Felipe Rodrigo Oliveira, chief economist at MAG Investments.
According to him, inflation should slow down in October, if the expected change in the electricity tariff flag is confirmed, moving from red level 2 to red level 1.
Among the highlights of decline, the Food and Beverage group fell 0,26%, driven by price drops in tomatoes (-11,52%), onions (-10,16%), garlic (-8,70%), and rice (-2,14%). "The result of this group helped to contain what could have been higher inflation," Oliveira points out.
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