MercoPress. South Atlantic News Agency

Argentina: Inflation in March reaches 11%

Friday's results somehow corroborated Economy Minister Luis Toto Caputo's forecast

According to a report released Friday in Buenos Aires by Argentina's National Institute of Statistics and Census (Indec), the Consumer Price Index (CPI) in March in the South American country went up 11% for an interannual total of 287.9%. The new figure represented a 2.2% decrease from February but a 51.6% growth in the first quarter of 2024.

Matching the beginning of the school year, “Education” accounted for the sharpest increase (52.7%) in only one month, followed by “Communications” (15.9%), and “Housing, water, electricity, gas, and other fuels” (13.3%).

“Food and non-alcoholic beverages” reached 10.5% from 11.9% the previous month. “Within this division, the increases in Meat and derivatives, Milk, dairy products and eggs, Vegetables, tubers and legumes, and Bread and cereals stand out,” the Indec document read.

Friday's results somehow corroborated Economy Minister Luis Toto Caputo's forecast that inflation in March would stand around 10%. However, in the Autonomous City of Buenos Aires (CABA), inflation in March stood noticeably above the country's average, at 13.2%.

The yoy 287.9% was made up of increases way above par: Miscellaneous goods and services (364.2%); Communications (336.7%); Transport (326.7%); Healthcare (330.8%); Food and non-alcoholic beverages (308.3%); and Home equipment and maintenance (301.3%).

The two divisions that registered the lowest variations in March were Restaurants and hotels (8.3%) and Household equipment and maintenance (5.0%).