The mid-month inflation index IPCA-15 — known as a reliable predictor for official inflation in Brazil — rose 0.99 percent in February, according to data released by the Brazilian Institute of Geography and Statistics (IBGE) this Wednesday. The result was the highest for the month since 2016 (1.42 percent).
This month’s index, which came in above market expectations, signals an increase from January, when it rose 0.58 percent. IPCA-15 is now up 10.76 over the past 12 months.
According to the IBGE, February’s jump in inflation predictions was driven by the rising prices of education (5.64 percent) and food and beverages (1.20 percent). Tuition fees, in general, became 6.69 percent more expensive in the first half of the month as a result of inflation adjustments at the beginning of the school year.