Argentina’s official inflation for August, 0.9% and 6.8% in the eight months
Argentina’s inflation advanced 0.9% in August and 6.8% in the first eight months of the year according to the controversial official stats office Indec. Whole sale prices were up 1% over July and the construction cost increased 1.3%.
The item with the greatest increase in August was Transport and communications, 2.4%, followed by health care, 1.3% and leisure, 1.2%. The least volatile was Housing and basic services, 0.2%.
Regulated goods and services experienced the highest push compared to July, 2.1% on average as the government of President Cristina Fernandez tries to dismount the hefty subsidies. Seasonal goods and services were up 1.9% and the rest of the CPI, 0.4%.
In spite of the official 0.9% Indec CPI, the so called “Congressional index”, an average of the main private consultants banned from making public their findings, and which was released Monday showed inflation in August was 1.9% and 24.23% in the last twelve months.
The Production prices index in August was up 1%. The index a mix of domestic and imported goods, with the first climbing 1.1% because of dearer primary goods, power rates and manufactured goods, 1.1% on average. Farm produce was up 1.9% as agriculture goods jumped 4% and livestock, 1%. As to imported goods the increase was 0.7%, with 0.8% for manufactured goods and 1.1% and 1.9% for farm and wood related produce.
Likewise Indec says construction costs in August were up 1.3% and 26.5% in the last twelve months. This was made up of general costs, 2.1%; labour, 1.3% and finally, materials, 1.1%. Indec also points out that with the new costs the square meter average price for a multifamily house was up 1.2% in August reaching 3.100 Pesos. The official exchange rate in Argentina is 4.65 Pesos to the dollar and 6.45 Pesos in the parallel market.