In February, Indec reported Argentina’s wholesale inflation hit 329.1% year-on-year, with prices up 29.9% in the first two months.
This uptick reflects a slowdown from December and January’s highs, with February’s prices climbing by 10.2%.
Indec’s findings show that “electrical machines and apparatus” faced the sharpest rise at 413.3%.
“Refined petroleum products” and “fishery products” were not far behind, with increases of 403.7% and 369.8%, respectively.
The report also noted a 302.6% jump in food and beverage costs over the past year.
Textile clothing went up by 228.3%, and medical equipment and measurement instruments rose by 347.4%.
Moreover, the prices for
- crude oil and gas leaped by 352.6%;
- electricity by 393.6%;
- basic metals by 324.4%; and
- agriculture and livestock products by 242%.
Imported goods saw a 384.8% increase, according to Indec.
The most significant hikes in the year’s first two months were in electricity at 153%, fishery products at 72.3%, refined petroleum at 63.7%, and crude oil and gas at 52%.
This wave of wholesale inflation in February outpaced the month’s consumer price rises.
Analysts consulted by the Central Bank of the Republic of Argentina (BCRA) foresee the annual inflation rate reaching 212.7% by the end of 2024.
This situation underscores the profound impact of inflation on Argentina’s economy. It affects various sectors, from electronics to food, signaling broader economic challenges.
Such inflationary pressures emphasize the need for policy responses to stabilize prices and protect consumer purchasing power.