This paper aims to analyze the determinants of wage inequality evolution in Brazil in the 1995-2005 period and, in particular, in the 2001-2005 period. The paper focus on the role played by three basic forms of labor market segmentation: spatial, activity sector and formal-informal. For that, I perform a simple counterfactual analysis based on a parametric method that relates to the work of Juhn, Murphy and Pierce (1993). The results show that the total price-effect is important to explain the wage inequality fall observed in the entire period, and especially important in the more recent period. Among the different aspects of labor market segmentation, the most important one in relative terms is the wage gap between formal and informal workers.