FX.co ★ Brazil’s IGP-10 Turns Negative in February, Marking Deflation After January Uptick

Brazil’s IGP-10 inflation index slipped into negative territory in February 2026, registering a month-over-month change of -0.4%, according to data updated on 13 February 2026. The move marks a turnaround from January 2026, when the index had posted a 0.3% increase compared with the previous month.

On a month-over-month basis, February’s figure reflects a deterioration in price dynamics relative to January, when prices were still edging higher. The negative reading signals deflation within the IGP-10 basket over the period, potentially easing immediate price pressures in the Brazilian economy but also hinting at weaker underlying demand or shifting cost conditions.

The comparison underscores a swift reversal in the short-term inflation trend: while January showed moderate price growth over the prior month, February’s decline highlights a cooling price environment as the first quarter of 2026 gets under way.