MercoPress. South Atlantic News Agency

September's inflation hits new monthly ceilings in Argentina

In the first nine months of the year, food rose 117.5%

Argentina's National Institute of Statistics and Census (Indec) Thursday announced that the Consumer Price Index (CPI) went up 12.7% in September, thus hitting an all-time monthly high since 1991, it was reported in Buenos Aires.

According to Indec, during the first nine months of the year, inflation climbed 103.2% and 138.3% interannually. September's data outpaced the 12.4% recorded in Feb. 1991. The CPI increased 94.8% last year and 50.9% in 2021.

Goods last month had a positive variation of 13.5 % and services 10.5% compared to August, a figure that amounts to 139.3 and 134.3 %, respectively year on year, Indec said. Clothing and footwear went up 15.7%, recreation and culture 15.1%, and food and non-alcoholic beverages 14.3%, among other items, while healthcare went down from 15.3% in August to 9.5% in September. The lowest variations in September were reported in Education (8.1%) and Housing, water, electricity and other fuels (8.5%).

Private analysts forecast inflation will reach 173.2% this year, the Central Bank (BCRA) reported. But the rating agency Moody's projects 200% for this year and 350% for 2024.

In August, inflation soared after the devaluation of nearly 22% ordered the day following the Open, Mandatory, and Simultaneous Primary (PASO) elections.

Interannually, “restaurants and hotels” went up by 161.6%, “food and non-alcoholic beverages” by 150.1%, “recreation and culture” by 146.3%, healthcare by 139.1%, and “communications” by 135.5%, Indec also pointed out.

Thus, in the first nine months of the year, food rose 117.5%, restaurants and hotels by 115.4%, recreation and culture by 114%; home equipment and maintenance by 103.9%, healthcare by 103%, and education by 97.1%.

In the City of Buenos Aires alone, inflation reached 12% in August. “The variation of the CPIBA was mainly due to increases in the following divisions: Food and non-alcoholic beverages, Housing, water, electricity, gas and other fuels, Restaurants and hotels, Transport, and Clothing and footwear, which together explained 67.2% of the rise at a General Level,” said the Statistics and Census Bureau of the City of Buenos Aires.