Thursday, July 18, 2024

ECONOMY | 31-10-2023 17:24

Argentina's inflation likely exceeded 10% in October, says private estimate

Private consultancy firms says prices rose 10.6% last month, with the annual inflation rate now close to 150%.

Inflation in October was 10.6 percent, taking the year-on-year variation to 149.7 percent, a new study by the Orlando Ferreres consultancy firm has forecast.

Hikes last month were led by leisure (up 18.2 percent), household goods and appliances (12.2 percent) and food and drinks (11.2 percent), said the research firm.

Education also rose significantly, by 9.8 percent, said the report.

According to Orlando Ferreres, core inflation reached a monthly 10.6 percent, rising to 149.4 percent year-on-year. Cumulative inflation was 121.4 percent.

As for seasonal goods and services, the monthly variation was 16.6 percent, while regulated goods and services had a seven-percent monthly rise, forecast the firm.

“The Retail Price Estimation consists in the daily collection of over 15,000 prices of goods and services in Greater Buenos Aires, which feed to the database, which in turn helps estimates by means of weighting the overall increase of retail prices,” the report explained.

Argentina's official inflation data is set to be published by the INDEC national statistics bureau on November 13, just six days prior to the presidential run-off between Economy Minister Sergio Massa and libertarian lawmaker Javier Milei.



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