Inflation in May in Argentina was 7.8% and it was located 0.6 percentage points below compared to last month’s data. This way, the variation of the last 12 months reached is 114.2%as detailed this Thursday the National Institute of Statistics and Censuses (Indec) in the new publication of Consumer Price Index (CPI).
In the first five months of the year, the increase reached 42.2% and in May the items that most impacted the general number were services such as “Housing, water, electricity, gas and other fuels” with an 11.9% rise.
Inflation in Argentina
Second, they were “Restaurants and hotels“Which grew in their prices by 9.3 while health was ranked third with 9%. The food section, one of the items that most pushed the CPI upwards in recent months, rose by 5.8 in May % and fell behind the average percentage.
During April, the last known number of price increases at the national level, the number had been 8.4%, a percentage that contracted in May after six months of increases: since November 2022, month after month the CPI registered numbers higher than the previous 30 days.
In the last twelve months, from June 2022 to May 2023, the number registered by INDEC for inflation was 114.2% and continued with the upward trend in price increases above three figures that began in February.
How much inflation gave in May, according to INDEC
In the morning, the Argentine president, Alberto Fernandez, He spoke in advance of the data during an interview with students from the Buenos Aires National College and reiterated his opinion on the rise in inflation that occurred during his administration.
“Inflation is a very serious problem in Argentina. Did it start with me? No way. In this context you can say ‘it reached 100% or ‘it multiplied by two, when in the rest of the world it multiplied by six, by seven, by eight, by ten’. You have both analyses,” said the president.
“In any case, you cannot live with 100% inflation,” acknowledged the president, who blamed the number of increases on the war in Ukraine, on movements within the government and reiterated the opinion of the “self-fulfilling prophecy”: “Businessmen see noise and just in case they raise prices”said.
The May data was known in the midst of the closure of electoral alliances and in the process of drawing up the lists that will be presented in August in each party, which will culminate on June 24. Therefore, it will have more impact than other months.
