November’s price increases were driven by rises in healthcare (5.7 percent) and goods and services (4.4 percent). Food (3.4 percent), transport (2.7 percent), and utilities (2.1 percent) also rose sharply.
Meanwhile, consumption fell by 5.9 percent compared to the same month the previous year, the Scentia consultancy firm reported.
The new data from INDEC indicates just how far the government has missed its original target for price rises, which at the start of the year the Mauricio Macri administration predicted would come in at 15 percent.
However, the economic crisis earlier this year, subsequent recession and a sharp devaluation of the peso has dramatically hit purchasing power and the price of goods. The turmoil led the government to seek a US$56-billion loan from the International Monetary Fund and to introduce a budget dominated by sharp cuts to public spending.
The inflation data comes hot on the heels of a new series of poverty reports, including one from the influential Catholic University of Argentina’s (UCA) Social Debt Observatory. That institution issued a report earlier in the week that found that 33.6 percent of Argentines are now living below the poverty line.
The data, referring to the third quarter of 2018, brings the figure to its highest level in at least eight years, according to UCA’s data. In the first quarter of the year, official data from INDEC put the figure at 27.3 percent.