September’s inflation hits new monthly ceilings in Argentina

September’s inflation hits new monthly ceilings in Argentina

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.