Inflation in Argentina: CPI rises 2.5% in November, reaching 51.2% in 12 months
RIO DE JANEIRO, BRAZIL – Argentina’s Consumer Price Index (CPI) rose 2.5% in November compared to the previous month. In 12 months, inflation in the country advanced to 51.2%.
The data were released on Tuesday (14) by the National Institute of Statistics and Censuses (Indec) and represent a slowdown from the 3.5% recorded in September and October.
However, the core of the CPI, which excludes prices of more volatile or regulated products, advanced 3.3% in November, putting pressure on inflation in the final stretch of the year.
According to Indec’s report, last month’s inflation was driven by substantial price increases in hotels and restaurants (5%), clothing and footwear (4.1%), and appliances and maintenance (2.7%).
The report was published shortly after the Argentine government withdrew its decision to extend the price freeze on about 1,300 staple foods. The assessment was that the measure was not containing inflation as anticipated.
Instead, representatives of the Casa Rosada are negotiating with producers and supermarkets the return of a program that regulates prices by consensus between the government and the private sector. With the figures released today, Argentina is on track to close 2021 with inflation above 50%, as predicted by market analysts. By 2022, the government’s goal is for the CPI to recede to 33% per year.
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