Inflation in Argentina accelerates, and food prices in March continue to rise

By Belén Escobar*

In just one week, between the 13th and 20th of this month, the category of fresh products and eggs registered an increase of 11.4%, according to private-sector surveys.

The Consumer Price Index (CPI) climbed in February to 6.6%, and in the inter-annual measurement, it surpassed the 100% barrier, reaching 102.5%, according to data released by INDEC.

This is an acceleration, given that in January, it had been 6%, while in December, it had been 5.1%.

Thus, accumulated inflation during the first two months of 2023 was 13.1%.

For March, consulting firms expect the index to be close to 7%.

FOOD PRICES ARE SKYROCKETING

In February, the division with the highest increase was Food and non-alcoholic beverages (9.8%), mainly due to the impact of the rise in Meat and meat products and Milk, dairy products, and eggs.

During March, the data continue to show a worrisome scenario.

The Center for Economic and Social Studies Scalabrini Ortiz (CESO) estimated that, in one week, fresh food and eggs rose 11.4%, while in the monthly measurement, the jump was 30.5%.

The podium of weekly increases was completed by fresh food, fish, and seafood, with 8.8%, and fruits and vegetables, with 5.2%.

Outside the basic basket, the Household Appliances washing and drying segment experienced an adjustment of 6.2% from one week to the other.

The consulting firm LCG, meanwhile, calculated that the food and beverage index presented monthly inflation of 5% average in the last four weeks and 4.4% peak to peak in the same period.

“Vegetables and dairy led the weekly rise, being the only ones above the average,” said the survey, which presented the particularity that meat had a slight negative variation of 0.5%.

*Bachelor’s Degree in Journalism (Universidad Nacional de Lomas de Zamora). Specialized in economy and finance. She was a journalist for the agency Noticias Argentinas (NA) and a Canal de la Ciudad columnist. She also collaborated with the iProfesional portal.