IGP‑M Rises 1.57% in September, Reversing August Decline

Overview

• The FGV Ibre final release on Tuesday, September 29 showed the IGP‑M climbed 1.57% in September and has risen 3.34% over the past 12 months, with a 2026 year‑to‑date gain of 3.45%.
• The producer price index (IPA) led the swing to inflation, rising 2.08% in September after a 0.34% drop in August, driven mainly by a 3.61% jump in raw materials such as soy, corn and beef.
• Consumer prices (IPC) moved from a 0.41% decline in August to a 0.50% increase in September, a shift that FGV attributed in part to the end of the Itaipu electricity bonus that had previously lowered household energy bills.
• Construction‑cost inflation (INCC) moderated to 0.25% in September from 0.85% in August, with materials, services and labor all slowing and reducing pressure from the building sector.
• The 1.57% print came marginally above the median economist forecast of 1.55% and stayed within the range of projections, and the IGP‑M’s move matters for contracts and rent adjustments because the index is widely used to update prices across Brazil.