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In charts · No. 1 · October 2026

Inflation since the pandemic, in six charts

From January 2020 to September 2026, using data from IBGE and the Central Bank. Little text: each chart says one thing, and the title is already the conclusion. Each can be shared on its own.

1 / 6

What cost R$ 100 in January 2020 costs R$ 144.65 today

Cumulative IPCA (Brazil's official consumer price index), January 2020 to September 2026

+44.7%
R$ 100.00
Jan 2020
R$ 144.65
Sept 2026
Source: IBGE (IPCA), via BCB/SGS 433. Dado Bruto calculation.Dado Bruto
2 / 6

2021 and early 2022 were the hottest months

IPCA for each month, in %

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2020
0.21
0.25
0.07
-0.31
-0.38
0.26
0.36
0.24
0.64
0.86
0.89
1.35
2021
0.25
0.86
0.93
0.31
0.83
0.53
0.96
0.87
1.16
1.25
0.95
0.73
2022
0.54
1.01
1.62
1.06
0.47
0.67
-0.68
-0.36
-0.29
0.59
0.41
0.62
2023
0.53
0.84
0.71
0.61
0.23
-0.08
0.12
0.23
0.26
0.24
0.28
0.56
2024
0.42
0.83
0.16
0.38
0.46
0.21
0.38
-0.02
0.44
0.56
0.39
0.52
2025
0.16
1.31
0.56
0.43
0.26
0.24
0.26
-0.11
0.48
0.09
0.18
0.33
2026
0.33
0.70
0.88
0.67
0.58
0.16
0.07
-0.32
0.82
deflation 0 to 0.25 0.25 to 0.5 0.5 to 0.75 0.75 to 1 above 1
Source: IBGE (IPCA), via BCB/SGS 433. Jan 2020 to Sept 2026.Dado Bruto
3 / 6

Food rose more than anything: 60.7%. Communication, only 13.8%

Cumulative change by IPCA group, Jan 2020 to Sept 2026 (%)

Food and beverages
60.7
Health and personal care
46.7
Apparel
45.6
Education
45.1
Housing
43.8
Transportation
41.6
Personal expenses
39.5
Household goods
33.5
Communication
13.8
Dashed line: overall index, 44.7%.
Source: IBGE, SIDRA table 7060. Cumulative change calculated by Dado Bruto.Dado Bruto
4 / 6

Each group had its own peak, at different moments

12-month inflation by IPCA group, Dec 2020 to Sept 2026 (%). Same scale in all.

Food4.6%
15.0 (Feb '21)
Housing4.2%
15.4 (Nov '21)
Household goods2.1%
15.3 (Apr '22)
Apparel3.3%
19.1 (Sept '22)
Transportation4.0%
22.0 (Nov '21)
Health and care5.7%
12.1 (Feb '23)
Personal expenses5.9%
8.3 (Sept '22)
Education6.0%
8.4 (Aug '23)
Communication2.8%
3.7 (Oct '23)
Dot: peak of each group. Gray line: zero. In the corner: value in Sept 2026.
Source: IBGE, SIDRA table 7060. 12-month figures calculated by Dado Bruto.Dado Bruto
5 / 6

In 43 of 70 months, inflation was above the ceiling of the target range

12-month IPCA and the tolerance band of each year's target (%)

02468101214 202120222023202420252026 12.13 (Apr '22) 4.58
12-month IPCA Target ± 1.5 points (3.75% in 2021, 3.5% in 2022, 3.25% in 2023, 3% since 2024)
Source: IBGE (IPCA), targets set by the CMN (National Monetary Council). Dec 2020 to Sept 2026. Counted by Dado Bruto.Dado Bruto
6 / 6

Money left in Selic-linked investments ended up 32% ahead of inflation. But it spent 28 months behind it

R$ 100 in December 2019, adjusted by the Selic (Brazil's benchmark interest rate) and by the IPCA, before taxes

Selic losing to inflation 100125150175200 2020202120222023202420252026 Selic 191.0 IPCA 144.7
Sources: BCB/SGS 4390 (Selic accumulated in the month) and 433 (IPCA). Gross values, before income tax. Dado Bruto calculation.Dado Bruto
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How to cite: Dado Bruto. Inflation since the pandemic, in six charts. Code DB-AN-0006. Published Oct. 14, 2026. https://dadobruto.com/en/analysis/brazil-inflation-since-pandemic-six-charts

This is the English edition of an analysis first published in Portuguese. Ler o original em português →

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