FX.co ★ Brazil’s IPCA Inflation Swings Sharply Back to Positive in September

Brazil’s seasonally adjusted IPCA inflation index posted a strong rebound in September 2026, rising 0.88% month-over-month, according to data updated on 9 October 2026. The move marks a sharp turnaround from August 2026, when the indicator had fallen 0.24% compared with July.

The month-over-month comparison shows inflation shifting from a brief period of negative price dynamics in August to a solid positive increase in September. While August’s -0.24% reading suggested temporary disinflationary pressure, the September gain of 0.88% indicates a renewed pickup in consumer prices, underscoring a more volatile near-term inflation path for Brazil.

With the latest figures, markets and policymakers will be closely watching whether September’s jump proves to be a one-off correction after August’s dip or the start of a firmer upward trend in Brazil’s inflation trajectory on a month-over-month basis.