RIO DE JANEIRO, BRAZIL – The General Price Index-10 (IGP-10) accelerated to 1.98% in February after rising 1.79% in the previous month, driven by commodities and wholesale fuels, according to data released by the Getulio Vargas Foundation (FGV) on Tuesday.
A Reuters poll expected an increase of 1.93%, and the result led the index to reach a 12-month high of 16.69%.
The broad producer price index (IPA), which measures fluctuations in wholesale prices and accounts for 60% of the overall index, rose 2.51% in the month, up from a peak of 2.27% in January.
“The main factors behind the acceleration of the IGP rate are key commodities and fuels: iron ore (8.06%), soybeans (7.32%), corn (9.22%), and diesel oil (7.71%). The contribution of these four main commodities accounts for 65% of the IPA result,” explained André Braz, coordinator of the price indices.
The Consumer Price Index (IPC-10), which accounts for 30% of the overall index, registered a 0.39% increase in February, compared to 0.40% in January.
Of particular note is the slowdown in the prices of housing (from 0.74% to 0.11%), clothing (from 1.31% to 0.51%), and health and personal care (from 0.15% to 0.05%).
The National Construction Cost Index (INCC) rose 0.61%, following a 0.50% gain in January.
The IGP-10 calculates producer, consumer, and construction prices between the 11th of the previous month and the 10th of the reporting month.