Argentina recorded wholesale inflation of 104.3% year-on-year in February

Argentina recorded 104.3 percent year-on-year wholesale inflation in February after posting a 7 percent monthly price increase, the National Institute of Statistics and Censuses (INDEC) reported on Tuesday.

The values of the primary goods and services in the wholesale segment hovered around three digits in the last 12 months, with primary products increasing by 100.3 percent, manufactured goods by 103.5 percent, imported by 124.1 percent, and electric energy by 98.1 percent.

Among primary products, prices of non-metallic minerals (121 percent), crude oil and gas (105.4 percent), agricultural products (97.1 percent), and fishery products (81.3 percent) rose.

Regarding manufacturing, price increases in paper (126.3 percent), furniture (118.7 percent), machinery and electrical appliances (112.5 percent), chemical and rubber products (around 102 percent), textile garments (105.9 percent), and food and beverages (99.7 percent) were relevant, INDEC detailed.

Thus, Argentina accumulated in the first two months of the year a wholesale inflation of 14 percent, a figure above the consumer price index in the first two months of the year, which was 13.1 percent.

The Argentine government aims for an inflation target of 60 percent by 2023.

Related coverage: OECD reduced to 0.1% growth projection for Argentina's economy · Argentina's Central Bank increases interest rate by 300 basis points to 78% · Argentine government agrees to 26.6% minimum wage increase · Argentina's GDP grows by 5.2% in 2022

More: Argentina news in English, every day from The Rio Times.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief