The country's inflation accumulated 79.8% in the first half of the year, which totals 271.5% for the entire year. The variation of the basic food basket reached 1.6 according to Indec data.
This afternoon, Argentina's Indec released the long-awaited Consumer Price Index (CPI) data for the month of June.
There it is highlighted that "the general level of the CPI representative of the total number of households in the country registered a variation of 4.6% in June in relation to the previous month, and accumulated a variation of 79.8% in the first half of the year. In the "Interannual comparison, the increase reached 271.5%."
When analyzing the data, the entity details that the division with the greatest increase in the month was Housing, water, electricity, gas and other fuels (14.3%), due to the increases due to the liberalization of electricity and gas rates and for rent of housing.
They were followed by Restaurants and hotels (6.3%) and Education (5.7%) due to increases at all levels of education.
The two divisions that recorded the smallest variations in June were Alcoholic beverages and tobacco (2.1%) and
Home equipment and maintenance (2.3%).
While, during June 2024, the monthly variation of the basic food basket (CBA) was
1.6%, while that of the total basic basket (CBT) was 2.6%.
When extrapolating these figures, the CBA and the CBT accumulated increases of 63.4% and 76.1% in the first half of the year and resulted in interannual variations of 277.4% and 275.7% respectively.
CAPUTO AIMES AT 1% MONTHLY
The Argentine Minister of Economy, Luis Caputo, had stated on Thursday that he saw conditions for the economic recovery to accelerate, and in that sense he predicted that the inflation rate would soon be around 1% per month.
"I would not like to say if we are going to a 'V' recovery or a slower recovery, but the conditions are in place for the recovery to accelerate," said the head of the economic portfolio in an interview offered to the local radio station "Radio Miter".
"I hope that June inflation will be below 5%, that is the expectation (...) everything is in place for us to soon see inflation reaching 1%, calmly," he added.
The minister assured that there are no reasons, at a macroeconomic level, for there to be inflation and emphasized that the country's economy is not "overheated."
This day, the Reuters media pointed out that since the arrival of Javier Milei at the end of 2023, Argentina has lowered its inflation from 25.5% in December to 4.2% reached in May, which would end June's data. with that downward streak.
But at the same time he highlighted that, despite the decline in recent months, Argentines still suffer from the increase in public service and transportation rates and travel through markets in search of affordable prices for food and clothing to stay afloat with a inflation of 276% year-on-year, which pushed 55% of the population into poverty.
