Argentina’s wholesale inflation accelerates to 3.2 per cent
Argentina’s wholesale prices rose 3.2 per cent in September, accelerating from August as crude oil and gas prices jumped. The annual increase reached 29.2 per cent. Domestic products rose more quickly than imports, while energy prices showed some of the largest gains accumulated over the first nine months of the year.
Economics & Markets··Night
September wholesale inflation accelerates
Argentina’s domestic wholesale price index rose 3.2 per cent in September, after a 2.1 per cent increase in August. The figures from INDEC, the country’s statistics agency, were reported by Infobae and Perfil. The annual increase reached 29.2 per cent, while prices were up 22.8 per cent over the first nine months of the year.[1], [2]
The monthly increase accelerated by 1.1 percentage points and was the strongest since April, according to Infobae. Domestic products rose 3.4 per cent during September, compared with 0.4 per cent for imported goods. Perfil puts the same month’s consumer price increase at 1.9 per cent, below the wholesale reading.[1], [2]
Crude oil and gas lead the monthly increase
Crude oil and gas prices jumped 15 per cent in September and contributed 1.43 percentage points to the headline wholesale index. Agricultural goods rose 2.6 per cent, adding 0.30 percentage points. Refined petroleum products increased 2.2 per cent and contributed 0.28 percentage points; food and beverages rose 1.7 per cent, adding 0.20 percentage points.[1], [2]
Infobae reports a 7.9 per cent monthly increase for primary products, taking their annual rise to 44.1 per cent. Manufactured goods increased 1.9 per cent in September. Electricity prices rose 4.1 per cent, contributing 0.09 percentage points to the overall index. The basic domestic wholesale index, which excludes the tax effect, rose 3.4 per cent.[1]
Energy prices show large year-to-date gains
Over the first nine months, crude oil and gas prices increased 77.1 per cent and electricity rose 54.5 per cent. Refined petroleum products were up 34.2 per cent, compared with 16.3 per cent for food and beverages. Imported goods increased 12.1 per cent over that period and 11.8 per cent from a year earlier. For domestic goods, Perfil reports an annual increase of 30.5 per cent.[1], [2]
Agricultural goods rose 28.3 per cent from a year earlier and 15.6 per cent over the first nine months. Primary products recorded a cumulative rise of 38.1 per cent over that nine-month period.[1]
