Monthly inflation for July clocked in at 3.1 percent, the INDEC statistics bureau reported Wednesday.
Inflation in Argentina remains stubbornly high despite a growing recession which the government would hope would tame prices. Monthly inflation data peaked in June at 3.7 percent.
Transport together with leisure and tourism (with the winter holidays) were the leading culprits with increases of over five percent in both cases while food prices (4.1 percent) were also well above the average.
As a result of the latter, in particular, core inflation (excluding seasonal and regulated prices) continues to outstrip the overall retail index, rising 19.7 percent in the first seven months of 2018 as against 19.6 percent. Prices are now 31.2 percent higher than the previous July.
Economists are especially worried that some of this winter’s devaluation is still in the pipeline with inflation expected to remain around the three-percent mark this month, even if the government hopes that it starts falling thereafter.