Consumer prices rose 1.4% in Argentina in August, government statistics agency Indec announced, bringing eight-month inflation to 15.4%. The central bank is targeting national inflation between 12 and 17% for 2017, well below economists' expectations of 22%.
In greater Buenos Aires, used as a proxy before the national index was launched in July, prices rose 1.5% in August and 23.1% in the 12 months through August.
The annual inflation reading combine data from the new Argentine inflation index, which has national coverage, and the previous benchmark index, which monitored prices only in Buenos Aires metropolitan area.
Argentina's monthly inflation was primarily influenced by rising prices of health, housing, water, electricity, and fuels.
The new consumer price index showed that monthly inflation in Argentina was at 1.4% in August, from 1.7% in July. The former benchmark index revealed that in Buenos Aires metropolitan area monthly inflation fell from 1.7% to 1.5%. Both readings, however, were below the 1.6% market expectation, according to a recent central bank survey.