Inflation in Buenos Aires City accelerated to 3.1% in January, highest increase in 10 months

Inflation in Buenos Aires City accelerated to 3.1 percent in January, its highest level in 10 months, according to official data.

A report by City Hall’s statistics and census institute (IDECBA) shows prices were up 31.7 percent year-on-year, down 0.1 points from December’s figure. 

The statistics agency said January’s rise was driven by price increases in the categories of recreation and culture, restaurants and hotels, food and non-alcoholic beverages, insurance and financial services, and transport.

The price of goods rose by 2.3 percent in January from the previous month, although services jumped 3.5 percent. Year-on-year, the former have risen 26.2 percent, with the latter soaring 35 percent.

The City inflation figure is seen as a leading indicator for the national rate, which is due to be published tomorrow. 

Private-sector analysts expect the nationwide rate to also come in above two percent.

President Javier Milei’s government made headlines last week when it confirmed that it would not introduce a newly configurated consumer price index, just a day after the head of the INDEC national statistics bureau resigned his post.

– TIMES/NA