The IPCA (Broad Consumer Price Index), Brazil’s official inflation indicator, closed the year 2025 at 4.26% – below the target ceiling of 4.5% defined by the CMN (National Monetary Council).
The consolidated result comes after the December index, released by IBGE (Brazilian Institute of Geography and Statistics) this Friday (9), changed 0.33% in the month.
This is the second time in five years that inflation is within the tolerance range. In 2023, the IPCA was 4.62%, but the target was 3.25% (it is currently 3%) and, with the allowance for variation of 1.5 pp (percentage point), it ended up remaining within the ceiling.
Furthermore, performance in 2025 is the best since 2018, when official inflation was 3.75%.
The increase of 4.26% recorded last year was below market expectations, which predicted the indicator between 4.3% and 4.4%.
