Argentina records 98.8% year-on-year inflation in January, shows data

Argentina recorded 98.8 per cent year-on-year inflation in January, after starting the year with a monthly price increase of 6 per cent, the National Institute of Statistics and Censuses (INDEC) has reported.

The sectors with the highest price variations in January were recreation and culture (9 per cent), communication (8 per cent), housing, water, gas, electricity and other fuels (8 per cent), food (6.8 per cent), miscellaneous goods and services (6.8 per cent), and restaurants and hotels (6.2 per cent), Xinhua news agency reported, citing the INDEC data.

In addition, transportation (5.9 per cent), home equipment and maintenance (5.4 per cent), and health (4.9 per cent) also reported strong monthly hikes.

In the last 12 months, items with the highest increases were clothing and footwear (120.6 per cent), restaurants and hotels (109.9 per cent), miscellaneous goods and services (102.6 per cent), and home equipment and maintenance (101.2 per cent).

Meanwhile, food rose 98.4 per cent, health 92.3 per cent, transportation 92 per cent, and housing, water, gas, electricity and other fuels 91.5 per cent, according to INDEC.

In view of Argentina's high inflation, the government has implemented a comprehensive price control program to guarantee a moderate rate of increase in the value of basic goods and services.

According to a market study released in early February by the Central Bank of Argentina, private analysts forecast that inflation in the country will reach 97.6 per cent in 2023.

--IANS

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