The INDEC reported that the Domestic Wholesale Price Index recorded its largest increase since March 2024. In addition to imported products, the increase in national agricultural products stood out.
Wholesale inflation accelerated to 3.7% in September, the highest value since March 2024. It happened in a month in which the official dollar tested the band’s ceiling, which led the economic team to intervene strongly with various tools to defend the exchange rate scheme.
As a result of this instability, Imported products showed an increase of 9% and they explained a large part of this greater variation in the Internal Wholesale Price Index (IPIM) of the INDEC.
Meanwhile, national articles showed an average increase of 3.3%. While primary goods rose 4%, manufacturing rose by 3.2%.
The increases that most explained the general variation of the IPIM, within products of domestic origin, were those of agricultural products (+3.7%), refined petroleum products (+3.4%) and vehicles (+5%).
Exchange instability had a greater impact on wholesale inflation than retail inflation
It was about fourth consecutive increase of the index. In August the variation had been 3.1%.
It is worth remembering that this week the INDEC had also reported a acceleration in retail inflation, which went from 1.9% to 2.1%.
The difference between both references responds, on the one hand, to the fact that the IPIM contemplates more tradable products (tradable abroad) compared to the Consumer Price Index (CPI). Furthermore, while the wholesaler reports variations between the 15th of each month, the retailer reports the average monthly variation.
Source: Ambito
