Argentina’s inflation continues to accelerate, Premise data shows
By Joe Reisinger, CTO and co-founder
Last month I blogged about the spike in Argentine food inflation we observed following the election of President Mauricio Macri in November, the devaluation of the Peso in December 2015, and the elimination of some price controls in January.
Over the past few weeks, inflation has accelerated further. Our data shows that Argentina year-over-year food inflation increased from 17% when President Macri was elected, to nearly 28% when I blogged on February 17, and now to 33% in our latest data as of March 12, 2016.
Based on our data, the recent food inflation has been driven by (all noted as year-over-year below):
- Fruit: 56%
- Fish and seafood: 50%
- Meat: 47%
Food accounts for around one-fifth of consumption in Argentina, which means food inflation is important for understanding overall price trends.
President Macri has taken measures to contain inflation, including appointing a new head of the Argentine antitrust commission to help rein in prices.
As of today, official statistics from Argentina’s National Statistics and Censuses Institute (INDEC) are current only through October 2015. INDEC inflation statistics are not being reported as President Macri attempts to reform INDEC’s methods.