September Inflation in Argentina Reached 2.8 Percent; 36.6 Percent in Past12 Months

RIO DE JANEIRO, BRAZIL – Argentina‘s inflation accelerated slightly in September from August as some easing of quarantine restrictions allowed economic activity to begin to recover. The consumer prices rose 2.8% in September and increased 36.6% from a year earlier, Argentina‘s Indec statistics agency said on Wednesday.

Indec reported last month that prices rose 2.7 percent in August and had increased 40.7 percent from a year earlier.

Argentine health authorities had been gradually relaxing coronavirus-related quarantine restrictions in much of the country, but recently had to toughen the measures again in several provinces, as the number of new infections and deaths has risen. The country has now reported more than 900,000 infections and close to 25,000 deaths from the illness caused by the virus.

Argentina’s economic activity increased 1.1 percent in August from July, but fell 13.2 percent from the same month a year earlier, the most recent figure available.

The price of clothing and shoes rose the most in September among the 12 areas measured by Indec, with an increase of 5.8 percent in the month. Alcoholic drinks and tobacco had the second-largest rise, of 4.3 percent. The cost of communications had the smallest increase in the period, of 0.1 percent, followed by education, with a rise of 0.3 percent, according to Indec.

Overall the so called “regulated prices” (controlled) showed a slight rise, from 1 percent to 1.9 percent, on the back of fuel price increases and cigarettes.

For private consultants inflation in Argentina for the twelve months of 2020 will reach 36.9 percent, a figure similar to the 36 percent estimated by the Alberto Fernandez administration in the budget sent to Congress.

Source: MercoPress

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