The May CPI was driven by items such as health (6.2%) and transportation (6.1%), and it was slightly below that projected by the Survey of Market Expectations (REM) carried out by the Central Bank, which had calculated 5.2%.
Core inflation -which does not take into account regulated or seasonal prices- fell from 6.7% to 5.2% monthly, in the face of lower growth rates in items of food, restaurants, vehicle acquisition, among others.
At the category level, Food and non-alcoholic beverages reduced its rate again from 5.9% in April to 4.4% per month, reaching the lowest increase recorded in 2022, after registering increases in February and March, when the greatest impact of the commodity shocks due to the drought in South America and the war in Ukraine occurred.
The seasonal prices also reduced their rate of increase, going from 5.4% in April, up to 3.4% monthly, with a drop in vegetables, moderate increases in fruits, and smaller increases in clothing.
Meanwhile, regulated prices reached 5.7% per month, with increases in prepaid, fuel, tobacco, public transport and electricity and water services in the interior of the country.
Food and non-alcoholic beverages
Within the Food and non-alcoholic beverages division, most items reduced their growth rates compared to previous months. The main increases occurred again in Oils (11% and 6% depending on the region) and Meat and derivatives (between 5% and 6.5%), as well as in Non-alcoholic beverages (increases of up to almost 8% in some parts of the country).
Secondly, Fruits continued with moderate increases, while Vegetables continued with declines in most regions.
Main price increases in May
For its part, inflation for the month was led by Health, which had a monthly increase of 6.2% (vs. 6.4% in April), due to an increase in medicines and prepaid. Division followed. Transport, which rose 6.1% monthly (vs. 5.3% in April) at the general level, with the impact of the rise in fuel and public transport.
The following items with the highest inflation rates for the month were clothing and footwear, that increased 5.8% below the previous months (10.9% in March and 9.9% in April); Restaurants and hotelswhich also reduced its inflation rate to 5.7% monthly (vs. 7.3% in April) and Alcoholic beverages and tobacco, which increased 5.7% monthly (vs. 3.3% in April), due to increases in beverages and also due to the authorized increase in cigarettes. Recreation and culture grew 5.2% and Home equipment and maintenance, 5.4%.
On the contrary, the lowest rates of increase for the month were recorded in Communication (3.1% monthly) and Education (3.2% monthly).
Source: Ambito
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