The Index of Wholesale Prices jumped sharply after the post-STEP devaluationand recorded a increase of 18.7% in August, reported the National Institute of Statistics and Censuses (INDEC).
In this way, wholesale prices accumulated a rise of 87.2% in the first eight months of the year, 7 percentage points above the increase reflected by retail inflation. And, in the last year, the rise in these prices was 133.4%.
In this way, Indec concluded with the dissemination of price indices that began last week with the retail segment, which in August marked a increase of 12.4%, to add 80.2% in the first eight months and 124.4% in the interannual measurement.
The 18.7% rise in Wholesale Prices during August was driven by a increase of 19.7% in Primary Products, 17.2% in Manufactured Products, 30.2% in Imported Products, along with 3.1% in Energy.
“Imported products led the rise. The fiscal devaluation that implied extend the Country Tax to a good part of the imports as well as the impact of the devaluation of the official dollar ordered by the BCRA after the primary elections,” they detailed from lcg.
In the Primaries, the increases of 22.4% in Agricultural products, of 17.3% in Crude Oil and Gas; 12% in Fisheries, and 10.9% in Non-metallic Minerals.
Among Manufactured Products, increases of 13.1% stood out in Food and Beverages; 15% in Refined Petroleum; 14.2% for Textiles; 20.1% in Chemicals. In addition, Basic Metallics increased 21.6%; 19.1% Vehicles, 17% in Rubber and plastic; 12.3% for non-metallic minerals, among others.
So far this year, Primary Products increased 86.1% with an 88.1% increase in Agricultural Products; 142.7% in Fishing Vessels; 80% in Crude Oil and gas; and 79.2% in non-metalliferous minerals.
“We expect wholesale inflation to close the year at around 200% annually. This should be taken as a floor since it does not incorporate new adjustments to the official exchange rate for the remainder of the year and assumes a convergence of all components at inflation rates. monthly inflation prior to the devaluation jump. Any additional correction will mean higher inflation,” they warned from lcg.
The Cost of Construction, for its part, increased 14.7% in August. With this increase, In the first eight months of the year, it accumulated an increase of 80.6%, while in the last year it registered an increase of 131.8%.
The August rise was driven by a increase of 22.2% in the Materials category, 8.1% in Labor, and 9.6% for General Expenses.
The materials that increased the most were Electrical appliances with 34.2%; Electric pumps, 33.4%; Cables and conductors 32.5%; Iron for construction 31.3%; Fire equipment 31.1%; iron pipes and accessories 27.4%; Lighting fixtures and electric intercom 27.3% and Paintings 27.2%.
So far this year, the Cost of Construction increased 80.6%, with an increase of 89.8% in the value of Materials, 71.2% in Labor, and 79.6% in General expenses.