Brazil’s consumer prices, as measured by the IPC-Fipe, rose 0.44% month-over-month in October 2026, decelerating from a 0.51% increase in September. Housing costs advanced just 0.05%, a sharp slowdown from the 0.98% jump recorded in the previous month, while transport prices slipped 0.05% after a 0.30% gain. Inflation in health (0.09% vs. 0.19%) and personal expenses (0.22% vs. 0.30%) also moderated.
By contrast, food prices accelerated markedly, climbing 1.35% compared with 0.44% in September and contributing 0.39 percentage points to the overall index. Against this backdrop, investors focused on the upcoming Copom decision, after the first Focus Bulletin published since the election pointed to higher projections for inflation, interest rates, and the exchange rate. Most market participants expect the Selic rate to be kept unchanged at 13.75% per year.
