Photo via Ambito

Argentina’s consumer prices rose by 1.9 percent in September, according to the government’s statistics agency, Indec. The number represents a 0.5 percent increase compared to August’s rate. But more importantly, means that the yearly accumulated rate is now of 17.6 percent, thus surpassing the government’s goal of finishing the year with a rate lower or equal to 17 percent.

Moreover, it’s not likely the numbers will drastically decrease soon, considering that during the months following October’s midterm elections, the Macri administration intends to implement increases in utility bills and services such as natural gas, electricity and transportation.

Private analysts indicate that the annual rate will clock in at around 22 percent. Last week, the International Monetary Fund (IMF) projected that it will be of 22.3 percent.

Inflation last month was mainly pushed by the increases in apparel (3.8 percent), foods and non-alcoholic drinks (1.8 percent), private schools’ tuition in the City and Province of Buenos Aires (3.7 percent) and private health insurers (2.4 percent), among others.