Brazil’s seasonally adjusted IPCA inflation index inched up to 0.33% in January 2026 on a month-over-month basis, compared with a 0.26% rise in December 2025. The fresh data, updated on 10 February 2026, indicate a modest acceleration in price pressures at the start of the year.
The month-over-month comparison shows that January’s increase built on December’s already positive reading, suggesting that inflationary momentum has strengthened slightly rather than easing off. While the move from 0.26% to 0.33% is not dramatic, the back-to-back gains will likely draw attention from markets and policymakers watching for signs of whether inflation is stabilizing or reaccelerating.
With the January figure now in hand, analysts will be dissecting the underlying components of the IPCA to determine how broad-based the pickup is and whether it could influence the trajectory of monetary policy in the coming months. For now, the data confirm that Brazilian consumer prices continued to rise at a faster monthly pace as 2026 began.
