Inflation in Argentina in May advanced by 3.3 % compared to April, slowing down by 0.8 points compared to April and standing at 21.5 % so far this year, according to data released this Wednesday by the National Institute of Statistics and Censuses (Indec).
Thus, inflation in Argentina, the second highest in Latin America only behind Venezuela, continued to slow down for the second consecutive month. The data collected by the Indec is below the expectations of the Central Bank of Argentina and other agents of the financial sector, which projected an inflation of 3.6 % for the month of May.
In the accumulated period of 12 months, the indicator stood at 48.8 %, the highest level since at least June 2020, according to Indec.
Last week, the Minister of Productive Development, Matías Kulfas, announced that in May there was a “slowdown” in inflation and affirmed that this week new initiatives by the Alberto Fernández Administration would be known to continue the downward trend.
The division with the greatest increase was transportation (6 %), mainly driven by the rise in the purchase prices of vehicles, fuels, CNG and taxis. The health group (4.8 %) was the second division with the highest increase, due to the increase in prices of medicinal products and health equipment, among others.
The increases in the group of food and non-alcoholic beverages (3.1 %) had the highest incidence in the index in most of the Argentine regions. The growth was mainly explained by increases in some products such as meats and their derivatives.
With respect to the meat sector, inflation reached levels higher than 70 % in several regions in the accumulated period of 12 months, after the Government decided to suspend exports in this sector to curb the rise in prices.