The General Market Price Index (IGP-M) is published monthly by the Getulio Vargas Foundation. Similar to IGP-DI, it is calculated using a weighted average of three price indices in the same proportion: the Broad Producer Price Index (IPA-M) — 60%, the Consumer Price Index (CPI-M) — 30% and the National Construction Cost Index (INCC-M) — 10%.
The objective of IGP-M is to monitor the variation of population consumption in order to verify the movement of prices among various sectors of the Brazilian economy: industry, construction, agriculture, retail trade and services provided to the households. The higher the price of the items in these sectors compared to the previous month, the higher the inflation.
In summary, IGP-M provides a reading of Brazil’s economic balance, since it brings together almost all the sectors that are responsible for the development of income, mapping Brazil's financial situation. The IGP-M index is the most used index in Brazil for contractual value readjustments, such as school tuition, rental values, electric energy rate adjustments, and others. It is also used as an index of government securities issued by the Brazilian Treasury, such as Treasury IGP-M. A negative value in this index indicates that deflation occurred in Brazil in the reference period of the survey.
The chart of the entire available history of the "FGV Brazil IGP-M Inflation Index m/m" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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