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Inflation in Argentina soars in July and reaches 71% in 12 months

Consumer prices in Argentina accumulated in 20 months soared 71% in July, 7 percentage points above the one registered in June also in the interannual period, informed this Thursday the National Institute of Statistics and Censuses (Indec).

In addition, only in the seventh month of the year, Inflation was 7.4% compared to June, which represents the biggest monthly jump in 20 years

Goods last month increased by 7.3% in relation to June, while services had prices increased by 7.5%, which corresponds to 73,1% and 65,2%, respectively, in the year-to-year comparison.

Among the increases registered in June, the highlights are those of recreation and culture ( 13,2%), partly explained by increases in services associated with tourism during the winter holidays, while food prices rose by 6%.

The jump in inflation in July coincided with strong tensions in the exchange markets in Argentina, where parallel quotations of the US dollar rose sharply to record levels, a phenomenon that quickly had an impact on the general prices of the economy.

Consumer prices had accumulated an increase of 50,9% last year, showing an acceleration compared to 13,1% seen in 2020.

In June, Argentina and the International Monetary Fund (IMF) raised their inflation estimate to 2022 to a range of 52% to 50%.

However, the most private forecasts Recent data collected monthly by the Argentine Central Bank indicate that inflation will be 90,2% this year and 76,6% in

.

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