The Extended National Consumer Price Index (IPCA) was 0.33% in January, the same change recorded in December (0.33%). In the last 12 months, the index stayed at 4.44%, above the 4.26% rate in the immediately previous 12 months. In January 2025, the change had been 0.16%. Having changed 0.60%, Transportation stood out with the biggest impact on the month's result (0.12 p.p.). On the other hand, Communication was the group with the highest change (0.82%). The groups of Housing (-0.11%) and Wearing apparel (-0.25%) showed a negative change.

IPCA change by group of products and services

The group of Transportation (0.60%) was responsible for the biggest impact on the January index (0.12 p.p.), with a 2.14% increase in fuels, especially in gasoline (2.06%), the main individual impact on the month's result (0.10 p.p.). The change in other fuels was: ethanol (3.44%), diesel fuel (0.52%) and vehicular gas (0.20%).

Still in Transportation, urban bus changed 5.14% in January, especially due to the incorporation of the following fare adjustments:

• 20.00% in Fortaleza (15.87%), from January 1st.
• 6.00% in São Paulo (9.18%), from January 6, considering free payments on Sundays and holidays.
• 6.38% in Rio de Janeiro (5.32%) since January 4.
• 5.36% in Salvador (5.19%) since January 5.
• 8.70% in Belo Horizonte (3.99%), from January 1st, also including free fare on Sundays and holidays starting on December 14, 2025.
• 4.16% in Vitória (2.70%) since January 12.

Furthermore, due to the fare reduction on Sundays and holidays, Curitiba recorded a change of 1.85% on urban bus and, in Brasília, the increase was 3.83% due to free fares on Sundays and holidays, which are also in force in Belém (8.43%).

Still in Transportation, the 1.87% increase in subway was due to the 3.83% change in Brasília, due to free fare on Sundays and holidays, and the 3.85% increase in São Paulo (2.89%), from January 6, same adjustment applied to train (1.56%), in São Paulo (2.89%), with the same validity. Also in São Paulo (6.88%), the public transportation integration (6.88%) considers, in addition to free fare, the adjustment mentioned above. Sub-item taxi (1.47%) reflected the following adjustments: 28.49% in Rio Branco (28.49%) from December 22, 2025; 18.70% in Fortaleza (6.65%) since January 19; 4.92% in Rio de Janeiro (4.45%) from January 2 and 4.53% in Salvador (1.02%) from January 23. The main negative impacts (-0.06 p.p and -0.07 p.p.) in the group of Transportation came from the sub-items hand-hailing apps (-17.23%) and airfare (-8.90%), after increases of, respectively, 13.79% and 12.61% in December.

The group of Communication presented a change of 0.82% in January, highlighting the increase in telephone devices (2.61%) and readjustment in plans with influence on the sub-items pay TV (1.34%) and telephony, Internet and pay TV combo (0.76%).

In Health and personal care (0.70%), the group with the second highest change, articles of personal hygiene (1.20%) and the health insurance plans (0.49%) stood out.

The group of Food and beverages slowed down from December (0.27%) to January (0.23%). Food at home recorded a change of 0.10%, compared to 0.14% in the previous month, influenced by the declines in long-life milk (-5.59%) and hen eggs (-4.48%). On the high side, the highlights were tomatoes (20.52%) and meat (0.84%), mainly sirloin (1.86%) and rump (1.61%).

Food away from home (0.55%) also slowed down in relation to the previous month (0.60%). Meals rose from 0.23% in December to 0.66% in January, while snacks, which had registered 1.50% in the previous month, changed 0.27% this month.

The group of Housing represented a drop of 0.11% in January, due to the 2.73% reduction in residential electricity, the biggest negative impact on the month's result, with -0.11 p.p. In December, the yellow tariff flag was in force, with an additional charge of R$1.885 for every 100 kWh consumed. In January, the current flag was green, at no additional cost to consumers. Additionally, there was the effect of the tariff adjustment of 10.48% in Rio Branco (5.34%) since December 13.

Still in Housing, the increase in water and sewage fees (2.56%) was influenced by adjustments of: 6.48% in São Paulo (6.07%) since January 1st; 4.57% in Campo Grande (3.98%) since January 3; 6.56% in Belo Horizonte (2.52%) since January 22; 4.69% at one of the concessionaries in Porto Alegre (2.17%) since January 1st; 2.64% in Curitiba (1.35%) in effect since December 15 and 9.75% in Rio de Janeiro (0.58%), in effect since December 1st.

On the other hand, sub-item piped gas (0.95%) reflected the 4.10% adjustment in São Paulo (1.74%), effective since December 10, and the 0.08% reduction in the tariffs in Rio de Janeiro (-0.08%) since January 1st.

Regarding regional indexes, the biggest change occurred in Rio Branco (0.81%), influenced by the increase in residential electricity (5.34%) and personal hygiene items (1.75%). The smallest change occurred in Belém (0.16%), due to the decline in residential electricity (-3.83%) and airfare (-11.01%).

IPCA change by area

The IPCA has been calculated by the IBGE since 1980. It refers to households with monthly income of 1 to 40 minimum wages, whatever the source. It encompasses ten metropolitan areas in Brazil, besides the municipalities of Goiânia, Campo Grande, Rio Branco, São Luís, Aracaju and Brasília.

To calculate the index for this month, the prices collected in the period from December 30, 2025 to January 29, 2026 (reference) were compared with the prices in force in the period from November 29 to December 29, 2025 (base).

INPC stays at 0.39% in January

The National Consumer Price Index - INPC increased 0.39% in January, 0.18 p.p. above the result observed in December (0.21%). From the perspective of the last 12 months, the index stayed at 4.30%, above the rate of 3.90% of the immediately previous 12 months. In January 2025, the rate had been 0.00%.

Food products decelerated from December (0.28%) to January (0.14%). The change in non-food items went from 0.19% in December to 0.47% in January.

As for regional indexes, the biggest change occurred in Rio Branco (0.76%), influenced by the increase in residential electricity (5.34%) and personal hygiene products (1.78%). The smallest change occurred in Recife (0.17%), due to the decline in residential electricity (-3.85%) and ride-hailing apps (-19.31%).

INPC change by area

To calculate the index for this month, the prices collected in the period from December 30, 2025 to January 29, 2026 (reference) were compared with the prices in force in the period from November 29 to December 29, 2025 (base).

The INPC has been calculated by the IBGE since 1979. It refers to households with monthly income of 1 to 5 minimum wages, with a salaried head of the household. It encompasses ten metropolitan areas in Brazil, besides the municipalities of Goiânia, Campo Grande, Rio Branco, São Luís, Aracaju and Brasília.