According to the INDEC, in the Primaries, the increases of 2.3% in Agricultural products, 14.6% in Fisheries, 6.6% in Non-metallic Minerals, and 5.1% in Crude Oil and Gas.
Among Manufactured Products, there were increases of 5.7% in Food and Beverages, 8.1% for Textiles; 6.9% in Refined Oil; and 8.7% in Chemicals. In addition, they increased 9.4% in Rubber and plastic; 6.6% for non-metallic minerals; 5.9% for Basic Metals and 7.8% for Vehicles.
So far this year, Primary Products increased 44.4% with a rise of 38.6% in Agricultural, 46.9% in Fishing; 43.7% in Crude Oil and gas; and 50.2% in Non-metallic minerals.
Analysis
As highlighted by the LCG consultancy, “the monthly increase observed in wholesale inflation was the highest in 34 months, since August 2019, where it had reached 11.2%”. “In both cases, political uncertainty and its impact on expectations were the triggers for large increases in the price level, mainly for Manufactured and Imported products,” they pointed out.
Facing what may happen in the coming months, from LCG they maintained: “In a context of increasingly high nominality, the projection of wholesale inflation was corrected upwards, with a floor of 85% per year as of December, assuming this rates monthly average of 5% in the remainder of the year. This is due to expectations of a higher rate of devaluation (which in any case continues to lag behind prices), greater restrictions on imports and international inflation levels that remain relatively high, mainly in energy and fuels, imposing higher costs”.
Source: Ambito
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