Argentina’s inflation rate doubled in August compared to July, reaching 12.4%, the worst level in the past 21 years, pushing year-over-year inflation to 124.4%, the worst figure in the recent three decades, according to the National Institute of Statistics and Censuses (INDEC).
“The general level of the CPI (Consumer Price Index) registered a monthly increase of 12.4% in August 2023. In the year-over-year comparison, the increase reached 124.4%,” INDEC said in a report.
The August data is the worst record since April 2002, when at that time it was 10.4%. The accumulated inflation over the course of 2023 thus accelerated to 80.4%.
Argentina’s inflation doubled in August compared to July, which was 6.3%, and followed two months of slowdown in the price index, as in May it went from 8.4% to 7.8%, and in June it fell to 6%.
Food and non-alcoholic drinks which rose to 15.6% in August, owing to increases in the quantity of meats and derivatives, as well as vegetables, tubers, and legumes. It is followed by the health segment, which advanced 15.6%, explained by increases in medicines, and that of equipment and home maintenance, which rose 14.1%.
On average, the restaurant and hotel segments became more expensive. The division that increased the least was communication (4.5%), when in the previous two months it was the one that increased the most. This is followed by alcoholic beverages and tobacco (8.5%), education (8.7%), housing, water, electricity, gas, and other fuels (9.1%), along with clothing and footwear (9.1%). Various goods and services rose (9.4%), transportation (10.5%), and recreation and culture (11.6%) also increased.
