Inflation remained for the third consecutive month in May at a figure of 9.4%. In the 12 months to that month, the rate of price increase stood at 9.37%, the same record for the moving year ending in April (9.37%) and practically identical to that of March (9.38%). .
According to data released this Friday by the National Institute of Statistics (INE), there were a monthly variation of 0.46% during the fifth month of the year in the Consumer Price Index (CPI). That data was very much in line with analysts’ projections and agents that the Central Bank consults monthly in its Survey of Expectations. The median of the responses had projected a rise in prices of 0.5% for May. Analysts expect inflation to close the year at 8.5%.
Accumulated inflation for the January-May period stood at 5.43%, more than 1 point above that registered in the same period last year (4.06%).
INE
food went down
According to the INE statement, the main incidences in the monthly variation of the CPI in May come from: food and non-alcoholic beverages (-0.08), clothing and footwear (0.07), housing (0.12) , transportation (0.12) and, restaurants and hotels (0.09).
In the case of food, there was a strong moderation in the year-on-year comparison. While last May this category registered an increase in its prices of 0.78%, in the same month this year they fell 0.28%. Last month, meat rose 0.42% due to an increase in buttock prices (1.60%), strip roast (2.33%), shoulder (2.81%), needle (2.83%) and chorizo (1.41%), while there was a drop in the price of whole chicken of 4.92%. On the other hand, legumes and vegetables reduced their price by 5.72%. This was explained by the drop in the prices of chard (-14.86%), spinach (-20.57%), lettuce (-9.50%), zucchini (-8.23%), tomato (-24, 57%), pumpkin (-4.52%), bell pepper (-3.62%) and fresh corn (-7.88); and increase in onion (7.84%). While coffee, tea, cocoa and yerba mate had an increase of 1.62% last month. Here, the increase and the incidence recorded by the yerba mate (+1.11%) stood out.
Clothing and footwear registered an increase of 2.08% last month. According to the INE, it was due to increases in prices at the beginning of the autumn-winter season: women’s clothing (3.73%), men’s clothing (2.01%), children’s clothing (0.62%) and women’s footwear (3.89%).
Meanwhile, housing became more expensive 0.9% in May due to increases in rental prices (0.47%), masonry services (6.55%), painting services (6.70%), house taxes ( 4.94%), common expenses (1.02%) and network gas (10.92%).
Transportation prices increased 1.19% in May due to increases in gasoline (1.93%), diesel (5.09%), local buses (1.31%), plane tickets (6.89% ). In the case of the passage of ships, a monthly decrease of 16.8% was registered in May.
Finally, restaurants and hotels rose 1.07% due to increases in the prices of beverages outside the home (0.96%), meals based on meat and fish (0.94%), meals based on flours (0.98 %), other meals outside the home (1.52%) and accommodation services (2.65%), according to the INE.
INE
