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Buenos Aires inflation: it reached 11.9% in November, with food as the main driver

2023-12-07T15:39:39.831Z

Highlights: Buenos Aires inflation: it reached 11.9% in November, with food as the main driver. Fruits, vegetables and bread were the foods that increased the most. In one year, household appliances, water supply (239.4%) and rents rose more than 200%. If in December the rise in prices climbs to 18%, as estimated by some consultancies, inflation in 2023 would exceed 190%. The year-on-year trajectory of this indicator stood at 160.6% (+14.2 percentage points above the previous month)


Fruits, vegetables and bread were the foods that increased the most. In one year, household appliances, water supply (239.4%) and rents rose more than 200%.


In November, inflation in the City of Buenos Aires was 11.9%, driven by the skyrocketing prices of food and non-alcoholic beverages, which rose 14.2%. Thus, in the first 11 months of the year, the increase reached 146.4%.

If in December the rise in prices climbs to 18%, as estimated by some consultancies, inflation in 2023 would exceed 190%.

"The year-on-year trajectory of this indicator stood at 160.6% (+14.2 percentage points above the previous month), says the Report of the Directorate of Statistics and Censuses of Buenos Aires.

In November, "free" prices – which do not include either seasonal or regulated prices – amounted to 12.7%

By category, the increases were:

  • Food and non-alcoholic beverages: increased 14.2%. The main boosts came from Bread and cereals (16.3%) and Meat and derivatives (12.9%), Vegetables, tubers and legumes (17.1%), Milk, dairy products and eggs (9.4%) and Fruits (20.6%).
  • Housing, water, electricity, gas and other fuels averaged an increase of 10.0%, due to increases in rental values and common housing expenses. On the other hand, the falls in residential electricity rates contributed to taking pressure off this division.
  • Restaurants and hotels registered an increase of 12.4% due to increases in the prices of prepared food in restaurants, bars and eating houses. To a lesser extent, the increases in hotel accommodation service rates for tourism purposes stood out.+ Health increased 13.0%, due to adjustments in prepaid medicine fees and drug prices.
  • Transportation averaged an increase of 10.7% mainly due to increases in the prices of fuels and lubricants for household vehicles, increases in taxi fares and car prices.

At 13.6%, "the monthly dynamics of goods responded mainly to increases in food prices (mainly baked goods, meat, vegetables and dairy products). To a lesser extent, the increases in the prices of medicines, clothing and fuels and lubricants for household vehicles stood out.

Meanwhile, with 10.7%, "the performance of services mainly reflected the increases in the prices of rents and restaurants, bars and food houses. This was followed in importance by increases in the fees for prepaid medicine, in the values of common expenses for housing, in the remuneration of domestic service, in the subscription of mobile telephone service and in the rates of the accommodation service."

"In year-on-year terms, the divisions Housing, water, electricity, gas and other fuels, Food and non-alcoholic beverages and Restaurants and hotels, were the main responsible for the increase in retail prices, explaining 51.3% of the year-on-year variation of the General Level," says the Buenos Aires Report.

Compared to November 2022, the largest increases were, greater than 200%: household appliances (249.8%), water supply (239.4%), housing rent (234.8%), newspapers, books and stationery and drawing items (209.2%) and fruits (207.5%).

NE

Source: clarin

All business articles on 2023-12-07

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