Brazil INCC-M rises 0.25% in September, FGV reports

The National Index of Construction Costs (INCC-M) rose 0.25% in September, slowing from a 0.85% increase in August, according to data released on September 25 by the Brazilian Institute of Economics of the Getulio Vargas Foundation (FGV Ibre). In the 12 months through September, the index accumulated a gain of 6.61%, compared to 6.56% in the period through August. In the year to date, the index has advanced 5.86%. In September 2025, the indicator rose 0.21% and accumulated a 7.07% rise over 12 months.

The Materials, Equipment and Services group increased 0.17% in September, down from 0.33% in August. Within this group, the Materials and Equipment category slowed from 0.33% to 0.17%, with two of its four subgroups showing deceleration. The main driver was installation materials, which slowed from 1.26% to 0.48%. The Services group moved from 0.33% in August to 0.15% in September, driven by the projects component, which slowed from 0.35% to 0.10%.

The Labor index rose 0.37% in September after a 1.56% increase in August. Five of the seven surveyed cities recorded lower rates of change: Brasília, Belo Horizonte, Rio de Janeiro, Porto Alegre, and São Paulo. In contrast, Recife and Salvador registered acceleration in their rates, reflecting higher local construction costs.