Argentina’s inflation for November set at 4.9%

Argentina’s inflation for November set at 4.9%

November’s CPI was also the lowest since the 4.7% recorded in February

Argentina’s Consumer Price Index (CPI) rose 4.9% in November for an accumulated 85.3% in the first eleven months of the year, according to a report released Thursday by the National Institute of Statistics and Census (Indec).

Retail prices showed a slowdown from October’s 6.3% and hit a 92.4% yoy increase, the document also reflected.

Housing, water, electricity, cooking gas, and other fuels (8.7%) accounted for most of November’s increases, followed by Communications (6.4%), and Alcoholic beverages and tobacco (6.3%). The lowest variations were recorded in Education (3.8%) and Food and non-alcoholic beverages (3.5%).

Fruits; Mineral waters, soft drinks, and juices; and Bread and cereals went up but vegetables, tubers, and legumes registered a decrease in most regions.

The highest price increases were registered in the Buenos Aires Metropolitan Area ((5.5%), followed by the Pampas, Cuyo, and Patagonia (4.9%), the Northwest (4.6%), and the Northeast (4.5%).

November’s CPI was also the lowest since the 4.7% recorded in February, with increases since then reaching a peak of 7.4% in July, and then starting a progressive downward trend.

Regarding food in the Greater Buenos Aires Area, bread and cereals rose 5.9% in November; milk, dairy products, and eggs 5.6%; and sugar, sweets, chocolate, and candy 4.6%.

Meats and by-products went up 0.9%; oils and fats 0.6%, fruits 13.5%; while vegetables, tubers, and legumes underwent a -6.1% adjustment.

The Indec report also showed that Argentina’s Gross Domestic Product (GDP) rose 5.9% yoy in the third quarter of the year and 1.7% with respect to the previous period. The seasonally adjusted GDP also showed an improvement of 1.7% compared to the second quarter of 2022.

The macroeconomic evolution of the third quarter of 2022 determined, according to preliminary estimates, a variation in global supply, measured at 2004 prices, of 9.0% with respect to the same period of the previous year, due to a 5.9% growth in GDP and a 21.0% variation in imports of real goods and services.