Argentina's Consumer Price Index (CPI) for February of 2023 was reported to stand at 6.6%, according to the National Institute of Statistics and Census (Indec), which resulted in interannual inflation of 102.5%. In this scenario, Economy Ministry sources quoted by Buenos Aires media admitted the possibility of not meeting the 60% annual target outlined in the 2023 Budget.
So far in 2023, the CPI accumulates an increase of 13.1%. February's 6.6% was the third-highest monthly price increase in recent times since the 7% recorded in August 2022 and 7.4% in July.
The highest increase in the month was Food and Non-Alcoholic Beverages (9.8%), mainly due to an increase in the price of meat and by-products, in addition to milk, dairy products, and eggs, due basically to the ongoing drought and the increase in animal feed costs.
Only two regions registered inflation lower than the national average: the Pampas (6.4 %) and Patagonia (5.8 %), while Greater Buenos Aires and Cuyo recorded 6.7%, the Northwest 7.3 %, and the Northeast 7.8 %.
High increases were also recorded in Communications (7.8%), Restaurants and hotels (7.5%), due to the seasonal adjustments, Health Insurance 5.3%, Fuel and Transport 4.9%, Utilities 4.8%, Clothing and Footwear 3.9%, and Education 3.2%.
Economy Ministry sources also said they hoped the effects of the so-called Fair Prices program were to have an impact on the monthly inflation starting in March.
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102.5% p/a = Ouch!!! That must hurt.Mar 15th, 2023 - 11:02 am +1
It's difficult enough here in Ireland with inflation just above 10% so God knows how the ordinary Argentine copes.Mar 15th, 2023 - 11:08 am 0
Of course it won't affect the famously corrupt Argentine Government ministers et al.
That level of inflation is a killer, or so it would seem to a person who only has experience of a developed western economy,Mar 16th, 2023 - 12:44 am 0
Where everything is controlled re.. declaration of income and payment of tax etc. etc for the average Joe in the street..
But undeclared income is off the scale in many Latin American countries amongst the rich and the poor
The hardest hit are the ones who cannot find work off the books