Brazil: IPCA Inflation Dynamics (% YoY)
Source: BCB SGS / IBGE via python-sgs | Core = avg of 5 BCB core measures | Core Services ≈ Non-Tradable Goods (proxy)
| Period | Headline | Core | Services | Core Services | Tradable | Food at Home | Food Away | Fuel |
|---|---|---|---|---|---|---|---|---|
| CPI Weights | — | 57.5% | 34.7% | 20.6% | 32.2% | 15.8% | 5.8% | 5.7% |
| Dec-18 | 3.75 | 2.90 | 3.35 | 3.89 | 1.71 | 3.83 | 4.48 | 5.09 |
| Dec-19 | 4.31 | 3.27 | 3.53 | 3.38 | 4.46 | 6.84 | 3.85 | 17.12 |
| Dec-20 | 4.52 | 2.67 | 1.73 | 3.18 | 8.10 | 15.53 | 5.68 | 20.21 |
| Dec-21 | 10.06 | 7.13 | 4.75 | 5.42 | 10.83 | 7.71 | 14.01 | 22.36 |
| Dec-22 | 5.78 | 8.32 | 7.57 | 8.89 | 10.05 | 11.91 | 1.30 | 35.57 |
| Dec-23 | 4.62 | 4.76 | 6.22 | 5.12 | 0.53 | 0.34 | 4.90 | 32.91 |
| Dec-24 | 4.83 | 4.04 | 4.74 | 4.03 | 6.06 | 7.59 | 3.53 | 7.19 |
| Mar-25 | 5.48 | 4.85 | 5.84 | 4.89 | 6.59 | 7.44 | 6.96 | 7.19 |
| Jun-25 | 5.35 | 5.11 | 6.14 | 4.56 | 6.67 | 6.57 | 8.79 | 6.13 |
| Sep-25 | 5.17 | 4.98 | 6.11 | 5.09 | 5.39 | 6.40 | 9.91 | 4.05 |
| Dec-25 | 4.26 | 4.53 | 6.00 | 4.85 | 2.66 | 2.63 | 9.57 | 3.02 |
| Jan-26 | 4.44 | 4.40 | 5.28 | 4.16 | 2.40 | 1.77 | 10.46 | 4.05 |
| Feb-26 | 3.81 | 4.39 | 6.00 | 4.80 | 2.02 | 1.28 | 5.78 | 7.17 |
| Mar-26 | 4.14 | 4.34 | 5.91 | 4.93 | 1.99 | 1.85 | 5.80 | 7.17 |
⚠ Notes: "Core Services" proxied by Non-Tradable Goods (BCB 4448). "Freely Determined Prices" back-solved from headline and administered series using ~75%/25% weights. 3MMA charts show 3-month moving average of YoY (not seasonally adjusted). Labor/Inertia/Slack-Sensitive services use GS-proprietary classification unavailable from BCB SGS. Source: BCB SGS / IBGE via python-sgs.