In February 2026, industry prices changed -0.25% compared to January 2026. In this comparison, 13 out of 24 industrial activities had their prices reduced. The cumulative index over 12 months remained negative, at -4.47%. The cumulative index in the year was 0.07%.

The Producer Price Index (IPP) of the Mining and Manufacturing Industries measures the evolution of the prices of products "at the factory gate", free from taxes and freight, and encompasses the broad economic categories.

In February, 13 out of 24 industrial activities investigated in the survey showed a negative change in prices compared to the immediately previous month, following the signal of the change in the general industry index. In comparison, ten activities registered lower average prices in January compared to the previous month.

The four most intense increases in February were: electrical machines, apparatus and materials (1.73%); toiletries, soaps and cleaning products (1.44%); basic metals (1.41%); and wearing apparel (1.32%).

In the comparison between February and January prices, food was the most prominent industrial sector in the aggregate result. The activity influenced -0.21 percentage points (p.p.) in the -0.25% change of the general industry. Other activities that also stood out were basic metals, with 0.10 p.p. of influence, motor vehicles (-0.05 p.p.) and electrical machines, apparatus and materials (0.05 p.p.).

The cumulative index in the year, which compares the prices of the reference month to those of December of the previous year, reached a change of 0.07%. Among the activities that, in February 2026, had the biggest changes in the year, the following stood out: basic metals (4.19%), toiletries, soaps and cleaning products (3.12%), printing (2.73%) and fabricated metal products (2.43%). While the main influences were recorded in basic metals: 0.28 p.p., food: -0.27 p.p., other chemicals: 0.15 p.p. and petroleum refining and biofuels: -0.11 p.p.

In the cumulative index in 12 months, calculated by comparing the prices of February 2026 to those of February 2025, the IPP reached -4.47%. In January, this indicator was -4.35%.

The sectors with the four biggest price changes when comparing February with the same month of the previous year were: printing (19.34%); petroleum refining and biofuels (-10.22%); food (-10.00%); and mining and quarrying industries (-9.35%). And, also in comparison with February 2025, the sectors that most influenced the aggregate result were: food (-2.53 p.p.); petroleum refining and biofuels (-1.05 p.p.); other chemicals (-0.68 p.p.); and mining and quarrying industries (-0.43 p.p.).

Among the broad economic categories, the monthly result for February had the following impact: -1.29% change in capital goods (BK); -0.25% in intermediate goods (BI); and -0.03% in consumer goods (BC), with the change observed in durable consumer goods (BCD) being -0.15%, while in semi-durable and non-durable consumer goods (BCND) it was -0.01%.

The main influence among the Broad Economic Categories was exerted by intermediate goods, whose weight in the composition of the general index was 53.77% and accounted for -0.13 p.p. of the February IPP. Completing the list are capital goods, with an influence of -0.10 p.p. and consumer goods with -0.01 p.p. In the case of consumer goods, the influence observed in February is divided into -0.01 p.p., which was due to the change in the prices of durable consumer goods, and 0.00 p.p. associated with the change in semi and non-durable consumer goods.

In the cumulative index in the year, the change reached -1.94%, in the case of capital goods; 0.29% in intermediate goods; and 0.17% in consumer goods – with durable consumer goods accumulating a change of -0.12%, while semi-durable and non-durable consumer goods, 0.23%.

In terms of influence on the cumulative result in the year, capital goods were responsible for -0.15 p.p. out of 0.07% recorded in the general industry until February this year. Intermediate goods, in turn, accounted for 0.16 p.p., while consumer goods exerted an influence of 0.06 p.p. on the aggregate result of industry, an influence that is divided into -0.01 p.p. due to changes in the prices of durable consumer goods and 0.07 p.p. caused by changes in semi and non-durable consumer goods.

In the cumulative index in 12 months, the price change of capital goods was -1.08% in February 2026. The prices of intermediate goods, in turn, changed -6.73% in this one-year period and the change in consumer goods was -1.83%, with durable consumer goods showing a price change of 1.57% and semi-durable and non-durable consumer goods, of -2.48%.

With regard to influences on the aggregate result in 12 months (-4.47%), capital goods were responsible for -0.08 p.p. in February. There was also an influence of -0.68 p.p. of consumer goods and -3.71 p.p. of intermediate goods.

The result of consumer goods, in particular, was influenced by 0.09 p.p. by durable consumer goods and -0.78 p.p. by semi-durable and non-durable consumer goods, the latter with a weight of 83.44% in the calculation of the consumer goods category. 

Sector highlights

Mining and quarrying industries: the mining sector recorded a drop of 0.61% compared to the previous month. Despite the negative result, the decline did not offset the increase observed in January. Therefore, the sector remained on the positive side in the cumulative index in the year, with a change of 0.78%. The highlight given to the sector was justified by the cumulative performance in 12 months, which showed a retraction of 9.35% compared to prices practiced in February 2025 and an influence of -0.43 p.p. on the overall result of -4.47%.

A relatively homogeneous decline behavior was observed among the sector's products. The only counterpoint was the item “crude petroleum oils,” which had an influence on mitigating the deflation observed in the aggregate. The behavior of the activity's products remained aligned with the trajectory of international markets.

Food: for the tenth consecutive time, the monthly change in prices in the sector was negative. In February versus January, the decline was 0.87%. In the cumulative index in the year, the change was -1.12%. On the other hand, the cumulative result in 12 months was -10.00%, a more intense result than that of January (-9.92%).

The sector stood out for appearing as the third biggest change, in terms of module, in the cumulative index in 12 months and for being the main influence in both the monthly (-0.21 p.p. out of -0.25%) and annual comparison (-2.53 p.p. out of -4.47%) and the second one in the cumulative index in the year (-0.27 p.p. out of 0.07%).

In terms of influence, the four highlighted products account for -0.19 p.p. out of -0.87%. The products that most influenced the sector included sterilized / UHT / long-life milk and fresh or cooled beef, with increased prices. In the case of meat, informants justified the increase due to cost pressure. The increase in milk was sometimes justified as an increase in the price of the raw material, sometimes as an increase in demand. On the downward side, sugars exerted the greatest influence. This drop was in line with the decline in international prices, linked to business strategies, such as offering discounts.

Petroleum refining and biofuels: in this sector, there was a 0.50% drop in prices in February. As a result, the cumulative index in the year advanced to -1.16%. In 12 months, the drop reached -10.22%, the most intense drop since March 2024 (--11.81%).

The sector stood out, in terms of change, as it was the second most intense, in terms of module, in the comparison between February this year and February last year. It was also the fourth influence in the cumulative index in the year (-0.11 p.p. out of 0.07%) and the second in the annual comparison (-1.05 p.p. out of -4.47%). It is worth noting that the conflict between the United States and Iran began at the end of February.

Other chemicals: the price of chemicals retreated 0.26% at the factory gate compared to January. The cumulative change in the year stayed at 1.94%. In 12 months, with prices 8.29% lower than those of February 2025, the sector was also highlighted for its influence, in this case negative: -0.68 p.p. on the total -4.47% of the IPP.

February's result compared to January is a product, among other factors, of the cooling of the cost shock in the manufacture of phosphate fertilizer inputs. The economic group of “manufacture of inorganic chemicals” showed a 0.57% increase in prices, indicating a lower transfer than the 3.03% increase in January could have translated.

Basic metals: prices in the sector rose again and increased by 1.41% in February, compared to the immediately previous month. This result made the sector stand out, among the 24 activities analyzed in the survey, as the third most intense change and the second main influence (0.10 p.p. out of -0.25%) on the monthly indicator.

The group with the greatest influence on these indicators (monthly and cumulative index in the year), with a positive impact on both, was non-ferrous metals. Their changes are usually linked to international stock exchange prices and, this month, they were impacted, mainly, by changes in gold, whose price was boosted by increases in demand for the asset. The rise in gold was one of the factors that more than offset the fall in the dollar against the real observed both in the month, of 2.6%, and in the year to date, of 4.6%, and made the group stand out as the main positive influence on these activity results.

Electrical machines, apparatus and materials: in February, the sector's prices showed a change of 1.73% compared to the immediately previous month, the fifth consecutive positive result in the indicator, standing out as the most intense change among all the industrial sectors analyzed in the survey, in addition to being the fourth main influence on the general indicator (0.05 p.p. out of -0.25%). As a result, the sector accumulated a change of 1.82% in the first two months of 2026. And the cumulative rate over the last 12 months accelerated to 7.06%, after having shown a result of 4.41% in January.

When analyzing the products that stood out this month, it is clear that two of them appeared as positive highlights in all indicators, whether in terms of change or influence: “electrical conductor with insulating cover voltage lower/equal to 1kv” and “insulated copper wires for winding”, both from the economic group of “manufacture of equipment for distribution and control of electrical energy,” with their prices impacted by higher production costs, especially copper derivatives, due to the recent increases in the price of the commodity. Another positive highlight in the February monthly indicator, in terms of influence, is the product “direct current generators of other types,” while the product “liquid dielectric transformers” stood out, negatively affecting the sector's results.

Motor vehicles: in February, the activity, the fourth largest in the general industry (7.87%), showed a monthly change of -0.68%, a reversal in the series of increases that began in June 2025. The cumulative figure in 2026 stayed at -0.67%, reflecting the stability (0.01%) of January; and, for the last 12 months, the cumulative index of the activity was 1.60%, reinforcing the deceleration trend that began in September 2025 (4.12%).

Of the total monthly change of -0.68%, the products “diesel truck with load capacity above 5t”, “tractor truck, for trailers and semi-trailers”, “chassis with engine for buses or trucks” and “air/oil/fuel filter for motor vehicle engines” were responsible for -0.58 p.p. The remaining 19 products of the activity accounted for the others -0.10 p.p.

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