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Montevideo, February 6th 2023 - 09:38 UTC

 

 

Indec says Argentina's inflation for October reached 6.3%

Wednesday, November 16th 2022 - 10:18 UTC
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Tuesday's interannual figures were also the highest since the end of hyperinflation in the early 1990s Tuesday's interannual figures were also the highest since the end of hyperinflation in the early 1990s

Argentina's inflation reached 6.3% in October for an 88% interannual result, according to the latest report from the National Institute of Statistics and Census (Indec). According to current projections, it may reach 100% by the end of the year.

After September's 6.2%, the newest figures represented a reversal in the downward trend recorded since July's peak. Retail prices have gone up 76.6% so far this year, the Indec report also mentioned Tuesday.

Read also: Argentine Labor Minister said inflation is not a priority but Qatar World Cup

October's Consumer Price Index (CPI) also interrupted the deceleration from 7.4% in July, 7% in August, and 6.2% in September. Tariffs were largely accountable for the latest figures, according to financial analysts in Buenos Aires.

Tuesday's interannual figures were also the highest since the end of hyperinflation in the early 1990s.

Communications went up 12.1%, followed by Housing, Water, Electricity, and Cooking Gas (7.5%), Restaurants and Hotels (7.4%), Health (7.1%), Education (7.1%), Clothing and Footwear (6.8%).

In year-on-year terms, Clothing and Footwear rose 121.5%, Restaurants and Hotels (105.2%), Food and Non-Alcoholic Beverages (91.6%), and Household Equipment and Maintenance (87.5 percent).

In a move to curb the inflationary pace, the government once again insisted on its Cared-for Prices Program, which was made official last Friday and which will focus on an array of basic products that are reportedly to remain unchanged for four months, while the rest of the goods will be adjusted not above 4% monthly.

 

Categories: Economy, Argentina.
Tags: Indec, Inflation.

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