Argentina’s Consumer Price Index (CPI) stood at 113.4% year-on-year in July, as reported by the National Institute of Statistics and Censuses (Indec) on Tuesday.
In July, prices rose by 6.3% compared to the previous month, indicating a resurgence after slight decelerations in May (7.8%) and June (6%).
Goods saw a 6% increase in July compared to June, while services experienced a 7.2% hike. Year-on-year, these figures represent increases of 113.1% and 114.1% respectively.
Noteworthy hikes in July included communication services at 12.2%, attributed to tariff increases for phone and internet services.
This was followed by recreation and culture at 11.2%, mainly due to the winter vacation travel packages, and alcoholic beverages and tobacco at 9%.
Non-alcoholic food and beverages witnessed a 5.8% increase compared to June and a 116.3% surge year-on-year.
Cumulatively, the year’s first seven months saw inflation rise by 60.2%.
Consumer prices last year rose by 94.8%, a significant increase compared to the 50.9% observed in 2021.
Recent private forecasts from the Central Bank predicted this year’s inflation at 142.4%.
However, consultants are reassessing their predictions after Monday’s marked devaluation of the Argentine peso.