The price rise in July was driven by tourism, transportation and food, which registered their greatest rise in two months, waiting for the INDEC data.
The July inflation for workers It accelerated to 2% monthly and reached 36.5% year -on -year, the lowest level since February 2021, according to a recent survey. The data represents a slight rise compared to 1.8% registered in June and represents an indicator waiting for the official INDEC data.
The analysis arises from the last report of the Workers Statistics Institute (IET) of the Metropolitan University for Education and Work (UMET) and the Center for Concertation and Development (CCD). The data represents a slight rise compared to 1.8% registered in June and represents an indicator waiting for the official INDEC data.
So far this year, Prices accumulate an increase of 16.3%. If this rhythm is maintained, the annual projection would be around 29.6%. The report details that the highest increases in the month were recorded in “Restaurants and hotels” (+3.3%), “Recreation and culture” (+3.2%) and “Transport” (+3%), driven by tourism and the winter holiday season. In “Food and non -alcoholic beverages”inflation was 1.9%, with strong increases in fruits and vegetables due to seasonal factors. The only low item was “Dress and footwear garments” (-1.4%), affected by the end of the season and the opening of imports.
The executive director of the CCD and former Minister of Education, Nicolás Trotta, warned that “In July, the inflation of food more than tripled the variation in June, moving from 0.6% to 1.9%. This is hardly the initial effect of the July devaluation and will have repercussions in August. ”Trotta warned that, with nominal wages, growing about 1% monthly,“ the fate of the real salary depends almost completely on inflation ”and recalled that, despite the decrease in prices since the beginning of 2024, the registered income is still 5.5% below November 2023.
Inflation Prices Consumption
Mariano Fuchila
How the dollar jump to workers inflation affected
For its part, the general coordinator of the IET, Fabián Amico, linked the food jump with the rise of the exchange rate of July 14%, which will make imported inputs. According to Amico, the transfer at prices is not immediate and can be intensified in the coming months. “The Pass-Through could be less if the government inhibits the reaction of labor costs, but in that case the decline would be explained by the fall of the real salary and the weakness of the workers,” he said.
The study also analyzes the differentiated behavior of inflation according to employment situation, level of income and housing condition. In July, Households with non -salaried bosses had the highest rise (2.12%), While informal and unemployed wage earners recorded increases close to 1.9%, due to the lowest weight of tourism in its consumption. The highest income households were the most affected (2.35% in the highest decile) and those of lower resources had an increase of less than 1.9%.
By housing condition, Inflation was higher between tenants (2.1%) than among owners (1.8%), due to the increase in rentals. Since November 2023, accumulated inflation hit the homes of retirees and owners, while the tenants registered lower inflationary pressure.
In comparison by economic activity, The greatest increases were given in high -income sectors, As professional services, finance and health, with a strong incidence of tourism, while the most moderate increases were observed in agricultural workers, construction and domestic service.
Source: Ambito
