FGV: Drops in agricultural, livestock, and industrial prices drive 2.87% deflation in IPA-10 in 2025

By Daniela Amorim Rio, 12/15/2025 - The declines in both agricultural and industrial prices pulled down wholesale deflation within the General Price Index - 10 (IGP-10) for the year 2025, reported the Getulio Vargas Foundation (FGV). The IGP-10 ended this year with a drop of 0.76%, compared to an increase of 6.61% in 2024. The component Broad Producer Price Index (IPA-10), which measures wholesale price variation, fell 2.87% in 2025, after rising 7.31% the previous year. Within the IPA-10, agricultural prices had a deflation of 6.07% in the year 2025, while industrial prices fell 1.71%. "Producer prices ended 2025 with a drop close to 3%, influenced by agricultural and industrial products. The result reflects good harvests and sensitivity to international commodities, which reduced food prices and impacted processed goods, leading the manufacturing industry to vary 0.7%, well below the 5.28% in 2024," explained Matheus Dias, an economist from the Brazilian Institute of Economics ...