Argentina recorded 98.8% year-on-year inflation in January, after starting the year with a monthly price increase of 6%, the National Institute of Statistics and Censuses (INDEC) reported Tuesday.
The sectors with the highest price variations in January were recreation and culture (9%), communication (8%), housing, water, gas, electricity and other fuels (8%), food (6.8%), miscellaneous goods and services (6.8%), and restaurants and hotels (6.2%), according to INDEC data.
In addition, transportation (5.9%), home equipment and maintenance (5.4%), and health (4.9%) also reported strong monthly hikes.
In the last 12 months, items with the highest increases were clothing and footwear (120.6%), restaurants and hotels (109.9%), miscellaneous goods and services (102.6%), and home equipment and maintenance (101.2%).
Meanwhile, food rose 98.4%, health 92.3%, transportation 92%, and housing, water, gas, electricity and other fuels 91.5%, according to INDEC.
In view of Argentina’s high inflation, the government has implemented a comprehensive price control program to guarantee a moderate rate of increase in the value of basic goods and services.
According to a market study released in early February by the Central Bank of Argentina, private analysts forecast that inflation in the country will reach 97.6% in 2023.
