In January 2026, industry prices changed by 0.34% compared to December 2025, marking the second consecutive positive result. However, the 12-month cumulative index remains negative at -4.33%. Since only the January data is considered for 2026, the cumulative rate is 0.34%.

The Producer Price Index (IPP) for Mining and Quarrying and Manufacturing Industries measures the "factory-gate" prices of products, excluding taxes and freight, and covers the broad economic categories.

For comparison, in December 2025, the index changed by 0.14%. In January 2025, the IPP, in a monthly comparison, had been 0.15%.

In January, 15 of the 24 industrial activities investigated in the survey showed a positive price change compared to the preceding month. In comparison, 14 activities had shown higher average prices in December compared to November.

The four most significant increases in January were in basic metals (2.73%); printing (2.73%); other chemical products (1.70%); and perfumery, soaps and cleaning products (1.67%).

In a comparison between January and December prices, basic metals was the industrial sector with the greatest impact on the overall result. This activity contributed 0.18 percentage points (pp) to the 0.34% change in general industry. Other activities that also stood out were other chemical products (with 0.13 pp of influence); petroleum refining and biofuels (-0.07 pp) and mining and quarrying industries (0.06 pp).

In the cumulative12 months, calculated by comparing January 2026 prices to those of January 2025, the IPP reached -4.33%. In December, this indicator was at -4.51%.

The sectors with the four largest price changes in the 12-month comparison were: printing (19.14%), mining and quarrying industries (-11.88%), food (-9.84%) and wood (-8.69%). Also, in comparison with January 2025, the sectors that most influenced the aggregate result were: food (-2.51 pp), petroleum refining and biofuels (-0.77 pp), mining and quarrying industries (-0.56 pp), and other chemical products (-0.51 pp).

Among the broad economic categories, the January result was reflected as follows: -0.70% change in capital goods (BK); 0.54% in intermediate goods (BI); and 0.26% in consumer goods (BC), with the change observed in durable consumer goods (BCD) being 0.22%, while in semi-durable and non-durable consumer goods (BCND) it was 0.27%.

The main influence among the broad economic categories was exerted by intermediate goods, whose weight in the composition of the overall index was 53.76%, accounting for 0.29 percentage points of the January IPP.

In the other categories, consumer goods influenced the January IPP with 0.10 percentage points and capital goods with -0.06 percentage points. In the case of consumer goods, the influence observed in January is divided into 0.01 percentage points of the prices of durable consumer goods, and 0.09 percentage points of semi-durable and non-durable consumer goods.

Over the past 12 months, the price change for capital goods was -0.63% in January 2026. The prices of intermediate goods, in turn, changed by -6.60% during this period, and the change in consumer goods was -1.73%, with durable consumer goods showing a price change of 2.27% and semi-durable and non-durable consumer goods showing a change of -2.49%.

Regarding the influences on the aggregate result over 12 months (-4.33%), capital goods accounted for -0.05 percentage points in January. There was also an influence of -0.65 percentage points from consumer goods and -3.64 percentage points from intermediate goods.

The result for consumer goods, in particular, was influenced by 0.14 percentage points from durable consumer goods and by -0.78 percentage points from semi-durable and non-durable consumer goods, the latter accounting for 83.40% of the total for the consumer goods category.

Highlights by sector

Mining and quarrying Industries: With a change of 1.39% in January, mining and quarrying industries registered another increase compared to the previous month, the second consecutive increase. Despite this, the activity still operates in a deflationary scenario when compared to prices observed in January 2025. The rate of -11.88% is the most intense among all segments surveyed.

The increase in January was driven by the performance of the products "copper ores and their concentrates, raw or processed" and "crude petroleum oils". On the other hand, in the year-on-year indicator, only the product "copper ores and their concentrates, raw or processed" contributed to mitigating the deflationary scenario. In general, the behavior of the products remains aligned with the trajectory of international markets.

Food: For the ninth consecutive time, the monthly price change in the sector is negative. In January compared to December, the decline was -0.17%. With this, the cumulative figure over 12 months was -9.84%, a less intense result than that of December 2025 (-10.48%), but maintaining the negative level that began in September.

The highlight of the food sector is due to it being the sector with the greatest weight in the survey (24.01%), in addition to having had the third largest absolute change in 12 months (-9.84%) and having had the main influence in percentage points on the cumulative IPP over 12 months (-2.51 pp of the overall -4.33%).

Among the products that most influenced the sector, margarine and long-life milk stand out, with price increases due to cost pressures resulting from lower milk collection in dairy basins. On the other hand, frozen pork saw significant price decreases due to falling demand, while VHP (very high polarization) sugar was notable for its declines influenced by the harvest season. It is also worth noting that the appreciation of the real against the dollar has impacted food sector prices.

Petroleum refining and biofuels: this sector saw a 0.66% price decrease in January. Over the past 12 months, the decline reaches 7.64%, as has been recorded since June 2025.

From a monthly change perspective, the sector remained the third main influence in the series, with an impact of -0.07 percentage points (pp) in 0.34%, and the second main influence in the last 12 months, representing -0.77 pp in -4.33%. The sector also stood out due to its weight in the indicator, with 9.69% of the total, the second largest contribution in the industry.

Other chemical products: after five months of declines, chemical product prices rose again at the factory gate. In January, the increase was 1.70%, the third largest among the sectors surveyed, contributing 0.13 pp to the January IPP.

The price increase was mainly due to fertilizers. The higher acquisition costs of imported inputs (particularly sulfur derivatives), which had already been observed in some phosphate concentrates in December, were more intense and widespread in January. As a result, the economic group of inorganic chemicals, which had shown a 1.24% increase in the previous month, registered a 2.97% increase in average prices in January.

Basic metals: the sector accelerated the advance already observed in December (2.24%) and, in January, showed a monthly increase of 2.73%, the highest among the 24 activities surveyed. Furthermore, basic metals contributed 0.18 percentage points to the January IPP, the largest sectoral influence. Despite the two consecutive increases, on average, prices in the sector have accumulated a 4.91% decrease over the last 12 months.

The group with the greatest influence on the monthly indicator, with a positive impact, was non-ferrous metals. Prices in the automotive sector are usually linked to international stock markets and, in January, were mainly impacted by changes in the price of gold, which saw its price driven by a high demand, and copper, due to a supply deficit and low inventory.

Motor vehicles: Compared to December, prices in the sector rose 0.24% in January, the eighth consecutive increase. Thus, in the last 12 months, activity accumulated a change of 2.30%, representing a slowdown compared to the previous month, which had been 2.83%.

Among the four products with the greatest influence on the sector in January, two showed positive price changes: "electrical ignition components" and "gear and transmission systems for motor vehicles". Meanwhile, "passenger cars, gasoline or flex-fuel" and "tractor-trucks for trailers and semi-trailers" saw price decreases compared to December.

Also within this sector, the economic group "manufacture of cars, vans and utility vehicles" ended a series of four consecutive price increases and showed a negative change in January, with a result of -0.14%. Despite this, the cumulative figure for the group over the last 12 months remained positive, at 1.84%.

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