Thursday, May 30, 2024

ECONOMY | 09-04-2024 16:45

Inflation in Buenos Aires City 13.2% in March, slight slowdown from February

Slight slowdown from previous month; Impact of services sector, specifically, energy transport and private school fees and health service costs, hits pockets of porteños.

Inflation in Buenos Aires City hit 13.2 percent in March, pushed higher by the rising cost of public services, private school fees and private health insurance premiums.

The figure, published by City Hall, is a slight slowdown from the 14.1 percent in February and reveals that consumer prices rose by 57.3 percent in the nation’s capital in just the first quarter of the year.

Compared to the same month last year, cumulative inflation totals 285.3 percent.

The report from the City’s statistics bureau shows that goods rose by 9.7 percent, whereas services did so by 16.3 percent. In addition, seasonal prices (fruits and vegetables, for instance) rose by 5.4 percent, while regulated prices were up 22.4 percent.

According to the breakdown of the sample, education topped the rises at 36.8 percent, followed by telecommunication at 24.5 percent. This was followed by housing and rent with a 17.9-percent increase, while healthcare came in fourth at 16.9 percent.

Food prices rose 11 percent during the month and have risen by 60 percent since the last quarter. Year-on-year the rise is a staggering 336.9 percent.

Within that division, the main surges came from Milk, dairy and eggs (18.2 percent), Meats and related products (9.4 percent), Vegetables, tubers and legumes (22.4 percent) and Bread and cereals (8.8 percent).

Personal care and hygiene products increased by 10 percent, with clothing and textile prices up 11.2 percent. 

Household equipment experienced an 8.6-percent rise, similar to transport (8.5 percent).

The City data are still a warning sign for President Javier Milei’s Government, which was anticipating a higher slowdown pace of inflation. National data for March is due to be released Friday.

On Monday, the Central Bank’s REM market expectations survey showed analysts forecasting a rate of 12.5 percent for March.


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