Argentina’s consumer price index (CPI) stood at 263.4% in July over 12 months, representing the third consecutive slowdown, the National Institute of Statistics and Censuses (Indec) reported on Wednesday (14).
In the seventh month of the year, consumer prices grew 4% compared to June, showing a slowdown compared to the monthly rate of 4.6% recorded in the sixth month.
In fact, the monthly index for July is the lowest since January 2022, when the monthly variation was 3.9%, and is well below the rates recorded in December (25.5%) and January (20.6%).
After the shock of the sudden devaluation of the Argentine peso ordered by the Milei government as soon as it took office in December 2023, and the impact of its first “shock” measures, prices began a downward trend.
According to the official report released on Wednesday, goods last month had a variation of 3.2% in the country compared to June. Services increased by 6.4%, figures that total 260.5% and 272.6%, respectively, in the year-on-year comparison.
Among the increases recorded in July, those for restaurants and hotels (6.5%), alcoholic beverages and tobacco (6.1%) and housing, water and electricity (6%) stand out.
Food and non-alcoholic beverages increased by 3.2% compared to June and by 275.8% year-on-year.
According to the official report, Argentine inflation accumulated an increase of 87% in the first seven months of the year.
Consumer prices are expected to rise 211.4% in 2023, the highest rate since the hyperinflation of 1989-1990.
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