Monday, March 4, 2024

ECONOMY | 07-02-2024 17:41

Inflation in Buenos Aires City hit 21.7% in January

City Hall government data shows that consumer prices have increased by more than 238% over the last 12 months and accelerated last month.

Inflation in Buenos Aires City climbed to 21.7 percent last month, driven by hikes in food, fuel and transport, as reported by City Hall.

Data from City Hall’s Statistics and Census Directorate for January shows that consumer prices accumulated a 238.5-percent rise over the last 12 months.

The government agency’s report indicates that inflation accelerated last month, rising 0.6 points from the 21.1 percent recorded in December. 

The sector which increased the most in January was personal care, social protection and other products, rising 35.7 percent.

Transport rose by 33.7 percent, given increases in transport fares, fuels and airline tickets, while food and non-alcoholic beverages on average increased by 25.4 percent. 

Increases in the latter category were driven by bread and cereals (27.9 percent), milk, dairy and eggs (28.1 percent), and meat and meat-related products (17.2 percent).

Outpacing the monthly rate, restaurants and hotels rose 24.1 percent. recreation and culture averaged a 30.5-percent increase, due to rises in travel packages, and healthcare soared 30 percent thanks to adjustments in the fees of private health insurance firms. 

Utilities such as housing, water, electricity, gas, etc. rose by 10 percent the first month of 2024.

According to City Hall, food and drink, transport, restaurants and hotels, healthcare, housing, utilities and recreation accounted for more than three-quarters of the overall monthly figure for January. 

Year-on-year, food and non-alcoholic beverages, housing, water, electricity, gas and other fuels, restaurants and hotels and transport were the sectors driving hikes, accounting for 60 percent of price variations over the last 12 months, the body added.

Overall, goods rose by 24.2 percent last month, outpacing services, which increased by 19.6 percent. 

Consumer prices nationwide have soared by 211 percent over the last 12 months in Argentina. The national government, via its INDEC national statistics bureau, will reveal next Wednesday (February 14) the inflation figure for last month. 

Economy Minister Luis Caputo has forecast a figure of around 20 percent, which would be a deceleration on the 25.5 percent monthly rate recorded in December.



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