At a more disaggregated level, The increases that most affected the Wholesale Domestic Price Index (IPIM) were those of agricultural products (+9.3%), refined petroleum products (+8.7%) and food (+4.6%)..
Meanwhile, electric power soared 10.9% (although little in the general index), while imported products rose 2.8%.
It is worth remembering that at the end of February the war between Russia and Ukraine broke out, which caused a sharp rise in the price of commodities such as grains and energy. The effect of the war on domestic prices will be seen more clearly in the March indices.
Russia means 10% of world oil exports and about 40% of gas imports in the European Union. Likewise, together with the Ukraine, they explain a good part of the global production of fertilizers, wheat and corn. In the last month, the international value of the two cereals mentioned soared 37.9% and 16%, respectively, according to a report published by the Center for Production Studies (CEP).
Last week the INDEC had reported that the Consumer Price Index (IPC) registered a jump of 4.7% in February, the highest mark in 11 months. The increase was mainly caused by an average increase of 7.5% in food and beverages.
It should be clarified that retail inflation evaluates the advances in the cost of a basket composed mainly of final goods and non-tradable goods, unlike the wholesale price index, which contains mostly inputs and products that are traded abroad.
In annual terms, the IPC climbed 52.3% and the IPIM 46.8%. At the same time, in the first two months of 2022 the increases were 8.8% and 8.6%, respectively.
Source: Ambito
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