MercoPress. South Atlantic News Agency

September inflation in Argentina: anywhere between 1.4% and 2.48%

On an annual basis the 'congressional index' soared to over 41% in September

Argentina's inflation during September reached 1.4% and accumulates 19.8% in the nine months according to the latest release from the government stats office Indec. However earlier in the week the Freedom of Expression committee from the Lower House which regularly announces the average of private analysts, (identified as the congressional index), said the consumer price index for the ninth month of the year was 2.48% and 41.6% in the last twelve months.

According to Indec the most influential items for September were: 'other goods and services', which was up 2.5%; health care, transport and leisure 1.5%; clothing, 1.9% and 1.1% for food. More specifically regarding 'food', beef was up 0.9%; cooking oil, 1.9%; dairy and poultry, 1.6% and fruit, 2%.

Likewise wholesale prices in September increased 1.6% over the previous month, and so far this year add up to 24.4%. The 1.6% was fueled by a 1.8% increase in Argentine goods; 1.8% in manufactured goods and 1.4% for imported goods.

In more detail, oil and gas wholesale prices were up 1.4% in September and 24.4% in nine months while fisheries increased 2.2% and 26.3%, while agriculture and livestock climbed 0.5% in the month and 30% in Jan-Sept.

As to the 'congressional index', released by the opposition members from the Freedom of Expression committee it climbed to 2.48% and 41.6% in the last twelve months.

“We are very much concerned with the cost of living for the average Argentine because it has increased over 40% on an annual basis”, said opposition lawmaker Patricia Bullrich, who added “we are wondering what will be the government's anti inflationary plan for next year”.

The opposition lawmakers also criticized the fact that the 2015 national budget sent by the Executive and under discussion by Congress, forecasts an inflation of 15.7% next year: “they are manipulating numbers as part of a systemic fabrication, which is something really serious”.

The CPI congressional index was much in line with other private estimates, all of which agreed that September's inflation was above 2%. Something similar to what happened with inflation in August, which according to Indec was 1.3%, but which for private estimates and the congress index was 2.65%.

Latin America's third-largest economy has one of the world's highest inflation rates, which some analysts say is already running at 40% on a yearly basis. Many analysts say the credibility of government data has deteriorated in recent months.

Finally regarding construction costs, according to Indec they increased 1.1% in September adding up to 29.1% in the first nine months of the year. The index was made up of a 2% increase in materials' cost; labor, 0.6% and general services, 0.4%.