Argentina registered in the month of March, an index of inflation 6.7% MoMwhich represents the highest figure recorded in the country since 2002, when the national economy left the convertibility system and the devaluation hit the Argentine peso hard.
According to the latest update from the National Institute of Statistics and Censuses (INDEC), the rate of inflation year-on-year in the country reached 55.1% last month, positioning itself as one of the highest indices in the world. In addition, during the first quarter of 2022, consumer prices climbed 16.1%
Source: (C5N)
This inflationary record in the nation had already been anticipated last week by the Minister of Economy, Martín Guzmán, who asserted that “the inflation March would exceed 6% “, the record of inflation highest in 2022 and the highest mark accumulated in the two years of President Alberto Fernández’s administration.
What were the items most affected by inflation
In March, the inflationary spike had a greater impact on the prices of education, clothing and footwear, which are the items with the largest seasonal component. While residential rates and food also had considerable increases.
These were the variations for March:
- Education: 23.6%.
- Clothing and footwear: 10.9%.
- Housing, water, electricity and other services: 7.7%.
- Food and non-alcoholic beverages: 7.2%.
- Alcoholic beverages and tobacco: 5.7%.
- Various goods and services: 5.5%.
- Transportation: 5.5%.
- Restaurants and hotels: 5.4%.
- Health: 5%.
- Home equipment and maintenance: 4.4%.
- Communication: 3.4%.
- Recreation and culture: 3.3%.
Based on INDEC estimates, the inflationary jump suffered by education and clothing fees was directly associated with the start of the new 2022 school year and the change of season in March.
