Consumer prices in Argentina accumulated in 12 months soared 71% in July, 7 percentage points above the registered in June also in an interannual period, informed this Thursday the National Institute of Statistics and Censuses (Indec).
In addition, in the seventh month of the year alone, inflation was 7.4% compared to June, which represents the biggest monthly jump in 20 years.
Goods last month increased by 7.3% in relation to June, while services had prices increased by 7.5%, which corresponds to 73.1% and 65.2%, respectively, in the year-on-year comparison.
Among the increases registered in June, the highlights were those of recreation and culture (13.2%), partly explained by increases in services associated with tourism during the winter holidays, while food prices rose 6%.
The jump in inflation in July coincided with strong tensions in Argentine currency markets, where parallel US dollar quotes rose sharply to record levels, a phenomenon that quickly spilled over into general prices in the economy.
Consumer prices had accumulated a 50.9% increase last year, showing an acceleration from the 36.1% seen in 2020.
In June, Argentina and the International Monetary Fund (IMF) raised their inflation estimate for 2022 to a range of 52% to 62%.
However, the most recent private forecasts collected monthly by the Argentine Central Bank indicate that inflation will be 90.2% this year and 76.6% in 2023.
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