FX.co ★ Brazil’s IGP-M Swings Back into Deflation in February, Slips 0.73%

Brazil’s General Market Price Index (IGP-M) recorded a notable reversal in February 2026, falling 0.73% month-over-month after a 0.41% increase in January, according to data updated on 26 February 2026.

The move back into negative territory marks a sharp shift from the previous month, when the index had resumed growth. On a month-over-month basis, the latest reading compares the February decline directly with January’s positive result, highlighting renewed price pressures on the downside across the components that make up the IGP-M.

Often used in Brazil as a benchmark for contract adjustments and rental agreements, the IGP-M’s February drop suggests reduced cost pressures in the short term relative to the start of the year. The January 2026 reading had signaled mild inflation, but the February 2026 data indicate that, at least for now, that upward trend has not been sustained.