IGP-M Inflation Index in Brazil

Fundacao Getulio Vargas (FGV/IBRE) · Mensual · Importance 60

-1.16% (Jul-26) MOM · % · Mensual · CSV

About this indicator

Source	Getulio Vargas Foundation
Frequency	Mensual
Release	A finales del mes de referencia.
What it is	The IGP-M (General Market Price Index) is a broad measure of Brazilian inflation that tracks price changes across several stages of production: wholesale, consumer and construction. Compiled by the Fundação Getulio Vargas (FGV), it is the usual benchmark for indexing rents, tariffs and contracts.
How it's calculated	It is a weighted average of three FGV indices: wholesale prices (IPA, the heaviest weight at around 60%), consumer prices (IPC) and civil construction (INCC), gathered through price surveys. It is released as a monthly and year-on-year change.
Market implications	By including wholesale prices, it flags inflationary pressure that may feed through to consumers, and it anchors rent and contract adjustments. Upside surprises reinforce expectations of a tighter stance from the Banco Central do Brasil and can support the real.
Limitations	The large wholesale weighting makes it highly sensitive to the real's exchange rate and to commodity prices, so it is considerably more volatile than the IPCA, the consumer price index that anchors the central bank's inflation target.