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Consumer prices in Argentina rose by 2.7 percent in April, according to a report released this afternoon by the Indec stats agency. The figure means that, in average,prices have increased by 9.6 percent so far this year, while the rate since April 2017 clocked in at 25.5 percent. Core inflation, a key variable that does not take into account regulated prices or seasonal increases, was 2.1 percent.

The rate was mainly spurred by the substantial increases in utilities – the sector is called living, water, electricity, gas and other fuels – (8 percent), apparel (4 percent), and transportation fares (4 percent).

The Macri administration had anticipated inflation rates would be high during the first part of the year, largely as a result of the hikes in the prices of utility bills, but repeatedly assured the trend would stop come May.

However, the sharp depreciation the peso has experienced in the past week has led government officials to revisit that argument, with Treasury Minister Nicolás Dujovne admitting yesterday in an interview with foreign media that the mentioned issue would result in “somewhat higher inflation and less [economic] growth.”