Overview

• Twelve-month IPCA reached 5.17%, topping the official 1.5%–4.5% target band.
• Housing rose 2.97%, with residential electricity up 10.31% after the Itaipu bonus expired and the red tariff flag level 2 remained in place.
• Electricity alone added 0.41 percentage point to the month’s index, while food and beverages fell 0.26% for a fourth straight month.
• The result came in below the 0.52% median forecast from 34 institutions, with year-to-date inflation at 3.64%.
• Copom has kept the Selic at 15% and signaled a prolonged hold as electricity costs have climbed 16.42% in 2025.