Common Questions

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  • What does IGP mean?

    IGP is the acronym in Portuguese for General Price Index, a result that aggregates three indexes: Broad Producer Price Index (IPA), Consumer Price Index (CPI) and National Construction Cost Index (INCC). The weights assigned to these indices are 6, 3 and 1, respectively. Aggregation is made from index numbers, a way the FGV traditionally uses for the dissemination of results.

     

  • What is IGP for?

    Briefly, the IGP, besides an economic indicator widely reported, serves as a reference for pricing and financial values. Contracts of residential and commercial rents, utility charges, state debts to the Union, budget of the Federal Government, financial investment funds, among others, use the IGP for updating their values. 

  • Why are released multiple versions of IGP (IGP-DI, IGP-M and IGP-10)?

    Each index has its own timetable for price collection and dissemination of results, according to its frequency. Between the collection of prices and the release of final figures it requires a period in which the results are determined. 

    The indexes calculated for the calendar month, that is, with price collection between the 1st and the 30th are disclosed within 7 days of the closing of the collection. In the case of the IGP-M, whose collection is from the 21st of the previous month to the 20th of the reference month, the dissemination of results always takes place on the penultimate working day of the reference month. The following table shows the differences in collection periods for each version of IGP:

    igp

  • How are the FGV price indexes disclosed?

    FGV releases its price indexes based on: fixed base index numbers (to 3 decimal places) monthly rates of change and cumulative rates in the year and in 12 months (with 2 decimal places). The indexes are published in  Press Release and  Database (FGVDADOS) on Access via IBRE Portal: http://portalibre.fgv.br

  • How can I get the release timetable of FGV indexes?

    The calendar is available on the IBRE’s website: http://portalibre.fgv.br

  • Access to FGV data is made only through the Internet? Can I go there and get the data for free?

    FGV's technicians have no customer service. Free series and other calculation tools are available only on the IBRE Portal. Contact Us via IBRE Portal: http://portalibre.fgv.br

  • What is the Official Inflation Monitor?

    It is a system intended to support the analysis and forecasting of price indexes. The system consists of two modules. The first one is aimed to the simulation of IPCA and IPCA-15, combining the IBGE weighting structure to the price collection by FGV/IBRE. The second one shows daily the rates of change for all sub-items in IPC/FGV.

  • What are the most common uses of IPCs?

    Several price indexes are produced to measure different aspects of inflation.  IPCs measure the inflation experienced by consumers in their day-to-day expenses. They are usually used for wage adjustment.

    Consumer prices differ from Producer ones (IPA) because of tax incidence, as well as transportation and marketing margins.

  • What is the Consumer Price Index for the Elderly - IPC-3i?

    This version of IPC was developed based on families composed chiefly of individuals over 60 years of age. With this version of IPC it is possible to observe how the change in prices of goods and services affects the cost of living for this portion of the Brazilian population. In addition to measuring changes in the cost of living for individuals over 60 years of age, the IPC-3i is a reference to the implementation of public policies in the areas of health and welfare.

  • What is the Consumer Price Index class 1 - IPC-C1?

    It measures the change in prices of a basket of goods and services whose families earning between 1 and 2.5 minimum wages have increased consumption or commitment of income. Usually based on POF data, families with lower incomes spend larger portions of their expenses with food, while other families spend most of their income on education or health.

  • What is FGV Confidence?

    FGV Confidence is the opening of the database of trend surveys produced by FGV/IBRE including different questions and sectoral disaggregations.

  • Should survey results be assessed as qualitative indicators?

    The information obtained in the surveys can be defined as having qualitative nature in the sense that the response options given by companies represent qualities to be assigned to reference variables. All other survey characteristics are comparable to those of a quantitative statistical (sample design, weights setting). 

  • What are the most common uses of the Surveys?

    Among the most traditional uses is the anticipation of quantitative conjunctural information, which is disclosed with greater lag. As an example, the Industry Confidence Index shows good adhesion to the Industrial Production Index obtained from the Monthly Survey of Industry - Physical Production - PIM-PF.

  • How to interpret the value of a Survey indicator?

    The survey questions admit generally three answer options: positive, neutral or negative or otherwise, optimistic, neutral or pessimistic.

    The indicator of a particular variable expresses the balance of favorable and unfavorable options, plus 100. The information from each company/home are always weighted by the economic importance of the sector to which they belong (in the case of corporate samples) or by income bracket/home location (consumer survey). 

  • Other terms often used

    Arithmetic mean: Arises from the result of dividing the sum of the numbers given by the amount of added numbers. For example: given the numbers 1200, 1400, 1000 and 1600, in order to determine the arithmetic mean value of this set we just total it, and divide the total obtained by the quantity of values in the set:



    Geometric mean: of positive numbers is defined as the product of all members in the set, raised to the inverse of the number of members. For example, the geometric mean of the numbers 4, 1, and 1/32 is defined as follows: cube root of their product (1/8) which is 1/2; that is:

    Exchange-rate pass-through: It is the size of the pass-through of exchange rate changes to prices. In other words, it is how much an increase (or decrease) in the exchange rate does inflation go up (or down).

    Core Inflation: Also called adjacent inflation is a measure that seeks to capture the trend of prices, disregarding disturbances resulting from temporary shocks arising from weather or seasonality. It is an inflation measure designed to detect fundamental changes in prices, which can be caused by demand pressures on productive capacity, permanent shocks in relative prices or changes in inflation expectations.


    Seasonality: Something proper of a season, an event that always occurs at a certain time in the year. Prices of some products and services in IPC may have strong change in certain months. The shelters, for example, go up in price in winter.

    Volatility: The quality of something that is subject to frequent changes. In the case of prices, it is the amount and intensity of fluctuations and oscillations that occur in a series.

    Administered prices: These are goods and services whose prices are set by contract or government agency. It includes telephony services, oil products (gasoline and cooking gas), electricity and health insurances, which are regulated by the federal government itself or by federal regulatory agencies. State prices include water and sewage rates, IPVA, public transport fares. 

    Weightings: It represents the importance of an item/group of items in the basket of a particular index at a specific time. The sum of all weights is equal to 100%.