The Firmus survey, conducted between February 9 and 27, 2026, collected 309 complete responses, indicating an increase of 69 compared to the previous edition. The study revealed that credit availability continued to expand for the third consecutive quarter, while most companies plan price adjustments equal to or lower than the inflation forecast for the year.
The National Broad Consumer Price Index (IPCA) projected for 2026 was reduced, going from 4.2% to 4.0%. Thus, monetary policy remains attentive to inflation data and companies’ decisions regarding price adjustments. Stability in access to credit is highlighted, as most companies did not identify significant changes in costs or the availability of financial resources.
Despite the better credit availability suggesting a recovery in economic activity, the results indicate that this recovery will be gradual, without significant acceleration in the short term. Corporate profitability is still below the levels recorded in the second half of 2024, and expectations point to moderate improvement in margins over the next 12 months.
However, the continued expansion of credit contributes to a more favorable business environment, although continuous monitoring of inflation indicators and corporate adjustments is necessary. This means that monetary authorities should maintain a sensitive stance towards variations in these data, as they directly influence economic decisions.
The survey thus points to a scenario in which growth and financial stability coexist in a balanced manner. Although companies are cautiously adjusting their prices, the credit expansion suggests moderate market confidence, with no expectations of imminent inflationary shocks. The completion of the data analysis process will be essential to guide the next actions of the bodies responsible for economic policy, especially regarding the behavior of the IPCA and corporate margins.
