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The present work inquires into the relation between the relative prices variability (RPV), inflation and its costs. RPV is the seminal variable in the literature that studies the informational costs of inflation by linking the inflation rate to a higher dispersion of prices. This study details the relation between RPV and informational environment and presents another variable, the ranking variation, in order to cover the gaps the RPV do not fill. It is analyzed the dynamics of ranking variation and RPV for a CPI (IPCFIPE) database which contains microdata for the CPI Index calculation since 1989. As Brazil lived an hyperinflationary episode at 1989 1993 period, it is possible to examine the behaviour of RPV, ranking variation, inflation and to inquire into the channels through which informational costs of inflation act. The evidence produced suggests ranking variation does cover RPV gap, as higher RPV during hyperinflationary period is compreheensive while higher ranking variation during hyperinflationary period occurs only for a non-majority portion of the stores sampled. Also it is studied if the intraweekly price adjustment distorts the evaluated RPV and ranking variation from they intend to express. The evidence on this particular subject is conflictive: on one’s hand the simulation of the daily price adjustment process does replicate the sample’s ranking variation, on another’s hand about half of the store fixed effects estimated to explain the price dispersion of same products are statistically significant which suggests the daily adjustment of prices does not explain the sample ranking variation entirely. Finally, it is possible to imply from the evidence that store’s idiosyncrasies explain partially the adittional price dispersion which arises from the informational costs of inflation. So the unclearness of store’s idiosyncratic characteristics expressed by prices constitute one of the channels of the informatinal costs of inflation.

Evidência das distorções nos preços relativos durante a hiperinflação no Brasil