“Meat and baked goods were the categories that contributed the most to the total increase with 0.6 pp and 0.3 pp, respectively (2.1% weekly and 1.9%, respectively)”, highlighted from the firm, and underlined: “The percentage of products with increases remained without many variations, around 15% of the basket (18% average in the last four weeks). Finally, average monthly inflation accelerated for the third consecutive week, standing at 5.3% (5.8% measured end to end)”.
If this level of increases is maintained in the last days of the month, food would contribute 1.4 points to general inflation in Junestood out from the firm. Thus, the IPC would register a rise in June that -it is estimated- will exceed 5% againso that general inflation in the first semester would be above 35%.
Surveys by other consultants yielded similar figures. For example, from the CPI GBA prepared by Ecolatina, it is highlighted that In the first fortnight of the month, food and beverages rose 5.3% compared to the same period in May, “holding above 5% since March.” “Inside, the groupings that evolved above the chapter were mainly vegetables and foods to be consumed outside the homewhile fruit showed a drop (-2%)”, they highlighted.
Noodles Inflation Inflation Prices care Supermarket CPI Prices Basic Food Basket
Food accumulates a rise of close to 5% so far in June
Ignatius Petunichi
From EcoGo, meanwhile, they estimated that food consumed within the home could reach a monthly rise of 4.7% in June. This projection was made by the firm after a slowdown in the increase in the basket was observed in the third week of the month.
The reasons for the increases
After the shock caused by the war in Ukraine in food prices, other reasons that explain the increases in the sector stand out. “There are several factors that drive the price of food”told Ámbito Damián Di Pace, director of the consulting firm Focus Market, who explained: “The wholesale exchange rate it is beginning to be corrected more rapidly than it had been in May. In June there was also a correction of rates, which impact on industries and commerce. And, without a doubt, transportation complications they are generating that many inputs and raw materials for industrial food production are having an impact on prices”.
Another factor that could have an impact on food increases is the updating of the program Prices Care: At the beginning of June, the list of 1,300 products suffered an average increase of 2.2%.
However, as Di Pace pointed out, “the correction of Care Prices has an impact, but in a more limited proportion, especially in the large marketing chains.” “But the other three factors have more incidence”, concluded the analyst.
At the rise of foodsare also added in June different increases in regulated goods and services such as energy rates, prepaid, schools in the province of Buenos Aires and diesel.
Source: Ambito

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