MercoPress. South Atlantic News Agency

Argentina: “Blue” dollar keeps soaring, June's inflation 6%

The highest increase this year was in Communications (10.5%), as a result of the increase in telephone and Internet services

The “blue” (a euphemism for “black market”) dollar hit another record Thursday in Argentina, closing at AR$ 512 / US$ 1, for a total increase of AR$ 166 so far this year which represented a 48% rise since closing 2022 at AR$ 346, it was reported in Buenos Aires. The gap between the informal dollar and the official exchange rate stands at 93.7%.

Meanwhile, the dollar with the 30% surcharge (PAIS tax) averaged AR$ 361.10 per unit, and with the 35% advance payment on account of the Income Tax on the purchase of foreign currency, at AR$ 458.32. The so-called Qatar dollar for trips abroad (which has a 45% tax) stood at AR$ 486.10, while for purchases over 300 dollars -which has an additional tax of 25%-, it reached AR$ 555.54.

The Central Bank (BCRA) bought US$ 12 million Thursday, on a day in which the agricultural dollar (a differential exchange rate of AR$ 300 per dollar in force until August 31) contributed settlements for almost US$ 20 million.

Argentina's National Institute of Statistics and Census (Indec) Thursday announced that inflation for the month of June was 6%, which represented 115% in the last 12 months and 50.7% in the first semester of 2023. In May, it had been 7.8%, and 8.4% in April.

The lower level of price increases was due to the behavior of food and non-alcoholic beverages, and clothing, which only rose slightly above 4%, it was explained.

The highest increase this year was in Communications (10.5%), as a result of the increase in telephone and Internet services, Health Care (8.6%), due to increases in medicines and medical insurance fees; and Housing and utilities (8.1%), mainly due to increases in electricity.

The Consumer Price Index (CPI) measures the evolution of prices of a set of goods and services representative of the consumption expenditure of households residing in urban areas. Its results are published for the country as a whole as a national index and for Cuyo, GBA, Northeast, Northwest, Pampeana, and Patagonia as regional indexes.