Argentina’s consumer prices rose by 1.5 percent in October, according to the latest report issued by the government’s statistics agency, Indec.
The number represents a 0.4 percent decrease compared to September’s, but it is still a big step further from the original goal the Macri administration had set for itself: get the annual rate to be lower or equal to 17 percent. Private analysts estimate the final rate will end up around 23 percent.
The rate was mainly pushed by increases in communication (5.3 percent), alcoholic beverages and tobacco (3 percent) and apparel (2.1 percent). Foods, which never fail to show up on the list, increased by 1.5 percent this month.
Analysts estimate November’s rate will be similar to the one published yesterday, but argue December’s will be higher. This will answer to factors that drive up prices every year, such as the typical year-end expenses – holidays and the year-end bonus (aguinaldo), for example – but also to other ones particular of 2017: the predicted increases in gas and electricity bills.