MercoPress. South Atlantic News Agency

Indec: Argentina's wholesale inflation up 2% last month

Milei said on X that his government was “taming” inflation

Argentina's National Institute of Statistics and Census (Indec) released a study Thursday according to which wholesale prices went up only 2% last month, it was reported in Buenos Aires. President Javier Milei celebrated the news and praised Economy Minister Luis Toto Caputo for it.

With the new figures, the Wholesale Domestic Price Index (IPIM) grew 61.5% so far this year for an interannual 197.3%. September's data driven by a 2.3% increase in household items partially offset by a 1.4% decrease in imported products was in line with the 2.1% recorded the month before. The Indec report also showed that the Wholesale Basic Domestic Prices Index (IPIB) went up 1.7% given a 1.9% increase in household items partially offset by the 1.3% decrease in imported products. Meanwhile, the Basic Producer Price Index (IPP) recorded a 1.9% rise as a consequence of the 2.2% increase in primary products and 1.8% in manufactured products and electric energy.

Construction rose 4.9% from August and 169.6% yoy as a result of increases in materials (1.7%), labor (8.2%), and general expenses (5.8%).

After heavy criticism from former President Cristina Fernández de Kirchner (CFK), Milei spoke on social media about his administration “taming” inflation. He also said the governments before his were “serial” borrowers who led Argentina to “social starvation.”

”Vaaaaaaaaaaaaaaamooooooo (Let's go) Toto...!!!!!,“ wrote Milei on X. ”Taming inflation without hyper, without default, without expropriation, without price controls, without a fixed dollar and with strong recomposition of relative prices. CIAO!,“ he added.

Caputo described Kirchnerites this week as ”a bunch of delinquents and donkeys.“ He then insisted there was ”no way for them to come back by hook or by crook.“ The opposition wants ”to break the fiscal balance because it is the anchor of the macro order,” the minister also argued.