Argentina’S Wholesale Inflation Aligns With Official Dollar Increase At 2% Monthly
Date
10/18/2024 12:00:13 AM
(MENAFN- The Rio Times) Argentina's wholesale sector experienced a 2% monthly inflation rate in September, falling below the consumer price index increase. The year-over-year inflation for this segment reached 197.3%, as reported by the National Institute of Statistics and Census (Indec) on Thursday.
The monthly price index for major categories aligned with the 2% monthly devaluation of the Argentine peso against the dollar. This rate was set by President Javier Milei's government and the Central bank of Argentina (BCRA) .
So far in 2024, wholesale price increases have accumulated 61.5%, significantly lower than consumer price variations . The state entity reported these figures, highlighting the disparity between wholesale and retail inflation rates.
On a year-over-year basis, the sectors with the highest price increases as of September were electricity, rising by 378.1%, and primary products, increasing by 215.3%. Among primary products, crude oil and gas prices surged by 265.5%.
Agricultural products saw a 189.7% increase, while non-metallic mineral products rose by 172.6%. In the manufacturing sector, refined petroleum products had the most significant inflationary impact, with prices climbing 309.8%.
Food prices in the wholesale segment increased by 199.7%, and textiles by 131.2%, according to Indec's detailed report. The cumulative wholesale inflation for 2024 has strongly affected electricity prices, with a 310.7% increase in the first nine months.
Food prices in this segment have risen by 77.1% in the last nine months. Primary products increased by 85%, fishery products by 102.2%, and crude oil and gas by 106.6%.
In contrast to these sharp increases, imported products have only risen by 6% so far this year, according to the state entity. This stark difference highlights the impact of domestic factors on inflation rates.
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