January year-on-year inflation in Argentina was 254%

According to the National Institute of Statistics and Censuses (Indec), the consumer price index (CPI) in Argentina registered an increase of 20.6% in January compared to December. Although this figure shows a slowdown compared to the 25.5% monthly rate observed in the last month of 2023.

The official report notes that goods experienced a positive increase of 21.1% during last month compared to December. On the other hand, services increased by 18.8%, representing 277.9% and 193% respectively on a year-on-year basis.

Inflation by sector:

• Transportation: Up 26.3%, driven by increases in train, bus and fuel fares.
  Communication: It registered an increase of 25.1%, mainly due to telephone and internet services.

As regards food and non-alcoholic beverages, prices rose by 20.4% compared to December and by 296.2% year-on-year.

During the year 2023, consumer prices accumulated an increase of 211.4%, marking the highest rate since the hyperinflation of 1989-1990 and significantly exceeding the 94.8% recorded in 2022.

The latest private forecasts, compiled monthly by the Central Bank, indicate that inflation will remain high in 2024, with monthly rates of at least 10% through May.

K. Tovar

Source: El País

(Reference image: @dataiFX, X)

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