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ECONOMY | 15-08-2019 16:17

Inflation for July 2.2%, prices up 25.1% in last seven months

INDEC data reveals prices have risen by 54.4% over the last 12 months.

The INDEC national statistics bureau revealed today that prices in July rose 2.2 percent from the previous month.

Inflation in the first seven months of the year now totals 25.1 percent and prices have increased by 54.4 percent over the last 12 months.

The biggest increases in July were registered in healthcare (4.1 percent), recreation and culture (3.9 percent), restaurants and hotels (3 percent) and goods and services (2.7 percent).

Prices rose the most in the central-west region of Cuyo (2.8 percent on average, all sectors) and Patagonia (2.5 percent).

The news comes just days after President Mauricio Macri suffered a resounding defeat in nationwide primaries, signalling a loss of public confidence in his IMF-backed austerity measures with just months to go before a crucial election in October.

Macri polled just 32 percent of the total votes cast compared to Peronist candidate Alberto Fernández's 47 percent, leaving the Frente de Todos leader as the overwhelming favourite in the race.

In the wake of the loss to the opposition presidential candidate, the peso has plunged against the dollar, further weakening purchasing power for Argentines.

Having closed at 46.55 per greenback on Friday, as markets anticipated a good performance by Macri and his Juntos por el Cambio coalition, the peso soared above 60, before rebounding slightly to 57.89 pesos per dollar.

That means Argentina's national currency has now lost more than a quarter of its value over four days of trading.

Argentina is currently in a recession, with poverty now afflicting 32 percent of the population, according to data from INDEC.

Experts this week have anticipated that figure could soar to as high as 37 percent by the end of the year.

– TIMES

 

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