Brazil's Extended National Consumer Price Index 15 (IPCA-15) was 0.20% in November, 0.02 percentage points (pp) higher than October's result (0.18%). Year-to-date, the IPCA-15 has accumulated an increase of 4.15%, and over the last 12 months, 4.50%, which is below the 4.94% observed in the preceding 12 months. In November 2024, the rate was 0.62%.

Of the nine groups of products and services surveyed. seven showed increases in November, The largest change and the greatest positive impact came from Personal Expenses (0,85% and 0,09 pp). followed by Health and Personal Care (0,29%) and Transportation (0,22%). both with the second largest impact on the overall index (0,04 pp), The remaining changes ranged from a 0,20% decrease in Household Articles to a 0,19% increase in Wearing Apparel,

IPCA-15 - Change and impact by groups

In the Personal Expenses group (0.85%), the result was mainly influenced by increases in lodging (4.18%) and tourist packages (3.90%).

In Health and Personal Care (0.29%), the highlight was health insurance (0.50%).

In the Transportation group (0.22%), the sub-item airfare stands out, rising 11.87% and having the largest individual impact on the month's index (0.08 pp), in addition to the 0.46% drop in fuel prices. 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%).

Still within Transportation, the 0.13% change in urban bus fares considers the free fares granted on Sundays and holidays in Belém (-5.84%), and in Brasília (9.03%), the reflection of the free fares granted in October is evident. The same trend occurs for subways (-1.30%) in Brasília (9.03%). In São Paulo, the 3.27% drop in subway fares, also registered in train fares (-1.77%), in addition to the -2.16% in the public transportation integration sub-item, considers the exemption from fare payment on the day of the ENEM exam (November 9th).

After five months of decline, Food and beverages, the group with the greatest weight in the index, changed by 0.09%. Food at home remains in negative field with a decrease of 0.15%, after falling 0.10% in the previous month. The declines in long-life milk (-3.29%), rice (-3.10%), and fruits (-1.60%) contributed to this result. Among the highs, potatoes (11.47%), soybean oil (4.29%), and meats (0.68%) stood out.

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%).

In the Housing group, which 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 is important to note that, in November, the red tariff flag level 1 is in effect, adding R$ 4.46 to the electricity bill for every 100 kWh consumed.

In addition, the following tariff adjustments were incorporated: 19.56% in Goiânia (14.04%), effective on October 22nd; 16.05% in one of the concessionaires in São Paulo (-1.14%), effective since October 23rd; 11.21% in Brasília (5.59%), effective on October 22nd.

Regarding the change in water and sewage rates (0.13%), the most notable is the 9.75% tariff adjustment in Fortaleza (2.83%), effective on November 5th. The result for the piped gas sub-item (-0.01%) considers the 0.04% reduction in tariffs in Rio de Janeiro (-0.02%), effective on November 1st.

Also in Housing, among the sub-items with increases, condominium fees (0.38%) and residential rent (0.37%) stood out.

Regarding regional indices, ten of the eleven areas covered showed increases in November. The largest change was observed in Belém (0.67%), due to increases in lodging (155.24%) and airfares (25.32%). The lowest result occurred in Belo Horizonte (-0.05%), which registered a drop in gasoline prices (-3.13%) and fruit prices (-5.39%).

IPCA-15 - Change by areas

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 incomes ranging from 1 to 40 minimum wages and covers the Metropolitan Areas of Rio de Janeiro, Porto Alegre, Belo Horizonte, Recife, São Paulo, Belém, Fortaleza, Salvador, and Curitiba, as well as Brasília and the municipality of Goiânia. The methodology used is the same as that of the IPCA, the difference being in the price collection period and the geographical coverage.