Members from the opposition caucuses who elaborate the Congressional index. Photo via TN

According to figures released by the national Congress, inflation in the month of July rose by 2.4 percent for the country as a whole.

National deputies from various opposition caucuses — by caucus we mean a group of lawmakers who vote along the same lines — spoke yesterday in a press conference to present their findings, which is an average taken from various private consultancies.

“In monthly terms, a 0.5 percent slowdown can be seen. However, if we are to compare this number with how much prices increased in July last year, inflation has risen by 0.7 percent. This has happened for the ninth consecutive month,” reads the report.

According to Infobae, even though the number represents a drop in comparison to last month’s inflation rate — which clocked in at 3.5 percent  — this is still bad news for the Macri administration’s economic team, which expected to have monthly numbers under 2 percent by now, or even less.

Moreover, the report indicates that the annual inflation rate — meaning from last July to now — reached 46 percent, averaging a 3.8 percent rise per month. As for the calendar year (January-July) the number is 30 percent, with a 4.1 average: “The number doubles during the same period in 2015, which totaled 14.2 percent. This is the year with the highest numbers ever since the current inflationary process started in 2007,” states the report.

The report goes on to point out that food and beverages were the goods that took the largest hit this month, rising by 3 percent. “The price of food and beverages registers a 38 percent annual rise,” it adds.

The national statistics bureau (INDEC) is set to release its own index today. The entity has reported higher numbers than Congress ever since it began releasing its own figures again, two months ago: according to INDEC, prices rose by 4.2 percent in June and 3.1 in July, compared to Congress’s 3.5 and 2.9, respectively.

Photo via Urgente 24.
Photo via Urgente 24.

“The national legislators who create the Congressional index salute INDEC for publishing inflation rates again, a fundamental right for all citizens and a key asset for the diagnosis, design and evaluation of public policies,” finishes the report. The lawmakers were making reference to the fact that the institute was considered untrustworthy beginning in 2007 when inflation statistics plunged overnight following the dismissal of several key authorities. Ever since then, INDEC was criticized for presenting less-than-accurate figures on inflation, poverty and the economy at large. Shortly after President Mauricio Macri took office, the government declared a statistics emergency in December 2015 and set the “normalization” of INDEC’s numbers as a prime objective.