IPCA-15
Inflation preview for November stands at 0.20%, driven by increase in personal expenses
November 26, 2025 09h00 AM | Last Updated: November 27, 2025 08h48 AM
The inflation preview for November was 0.20%, 0.02 percentage points (pp) above the rate recorded in October (0.18%). The National Consumer Price Index 15 (IPCA-15), released today (26) by the IBGE, indicates that the largest change and the greatest positive impact came from the Personal Expenses group (0.85% and 0.09 pp). In the year, the IPCA-15 accumulates an increase of 4.15% and, in the last 12 months, of 4.50%, below the 4.94% observed in the 12 preceding months. In November 2024, the rate was 0.62%.
In the Personal Expenses group (0.85%), the result was mainly influenced by increases in lodging (4.18%) and tourist packages (3.90%), with impacts of 0.03 pp and 0.02 pp, respectively.
Health and personal care (0.29%) and Transportation (0.22%) had the second largest impact on the overall index (0.04 p.p.). Within Health and personal care (0.29%), the highlight was health insurance (0.50%), with an impact of 0.02 pp.
In the Transportation group (0.22%), the highlight was airfare, which rose 11.87% and had the largest individual impact on the month's index (0.08 pp). On the other hand, fuel prices fell (-0.46%). With the exception of vehicular gas, which increased by 0.20%, the others showed price reductions: ethanol (-0.54%), gasoline (-0.48%), and diesel fuel (-0.07%).
The Food and Beverages group, with the greatest weight in the index, grew again (0.09%), after five months of decline, occupying the third place in terms of impact (0.02 pp). Food at home remains in negative field, with a decrease of 0.15%, after falling 0.10% in the previous month. Contributing to this result were the declines in long-life milk (-3.29%), rice (-3.10%), and fruits (-1.60%). Among the highs, notable increases were seen in potatoes (11.47%), soybean oil (4.29%), and meats (0.68%).
Food away from home (0.68%) accelerated compared to the previous month (0.19%), due to increases in meals (from 0.06% in October to 0.56% in November) and snacks (from 0.42% to 0.97%).
The Housing group, however, slowed from 0.16% to 0.09% between October and November. The main negative contribution came from residential electricity, which went from -1.09% to -0.38%. It should be noted that the red tariff flag level 1 is in effect in November, adding R$ 4.46 to the electricity bill for every 100 kWh consumed. Among the sub-items with increases, condominium fees (0.38%) and residential rent (0.37%) stand out.
The other groups that increased were: Wearing apparel, with a change of 0.19% and an impact of 0.01 percentage points, and Education (0.05% and 0.00 percentage points). The groups that decreased were Communication (-0.19% and -0.01 percentage points) and Household Articles (-0.20% and 0.00 percentage points).
Belém registers a 155.24% increase in lodging in November
Regarding regional indices, ten of the 11 areas covered showed increases in November. The largest change was observed in Belém (0.67%), due to increases in lodging (155.24%) and airfare (25.32%). The smallest increase occurred in Belo Horizonte (-0.05%), which registered a drop in gasoline prices (-3.13%) and fruit prices (-5.39%).
More about the survey
For the calculation of the IPCA-15, prices were collected between October 14th and November 13th, 2025 (reference period) and compared with those in effect from September 16th to October 13th, 2025 (base period). The indicator refers to families with income from 1 to 40 minimum wages and covers the metropolitan regions of Rio de Janeiro, Porto Alegre, Belo Horizonte, Recife, São Paulo, Belém, Fortaleza, Salvador and Curitiba, in addition to Brasília and the municipality of Goiânia. The methodology used is the same as the IPCA, the difference being in the price collection period and the geographical scope. See the complete results on Sidra. The next release of the IPCA-15, referring to December, will be on the 23rd of the same month.
