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The average for the last 4 weeks climbed to the highest level since April

The average for the last 4 weeks climbed to the highest level since April
The average for the last 4 weeks climbed to the highest level since April

The Food and beverage inflation accelerated to 1.8% in the first week of July. This way, The average for the last four weeks rose to 4.2%, the highest figure since the third week of April.

According to a report by the LCG consultancy, two thirds of the price increases at the beginning of this month were explained by the rises in beverages (+4.8%), fruits (+6.9%) and vegetables (+3.2%).

25% of the products surveyed showed upward adjustments in their prices, which implied an increase of 5 percentage points compared to the previous week.

Likewise, for the average data of the last four weeks, the increases that had the greatest impact were those of meats (+5%) and dairy products (+7.3%).

The data comes from a survey carried out by LCG on Wednesdays of 8,000 food and drink items in five different supermarkets.

What inflation does the market expect for June and for 2024?

Participants in the latest Market Expectations Survey (REM) of the Central Bank (BCRA) estimated a monthly inflation of 5.2% for June (-0.3 percentage points compared to the previous REM). Likewise, For the year the market expects 138.1% (-8.3 pp compared to the previous survey, respectively).

Regarding the Core CPI, the group of REM participants placed their forecasts for June at 3.7% and the Top 10 expected a core inflation of 3.9% for June and July, and 114.7% yoy for 2024. What is noteworthy is that until December, the market expects inflation to remain at a floor of 4%.

Among the private sector consulting firms surveyed by Ámbito, Orlando Ferrares & Associates The inflation rate for the sixth month of the year was estimated at 6.6% and year-on-year at 273.9%. Meanwhile, the “core” rate was 3% monthly and 256.3% annually.

For its part, the consulting firm EcoGoheaded by Marina Dal Poggetto and recognized for her accurate predictions on price variations, estimated that June inflation would be 5.2%. Econometricsmeanwhile, agreed with EcoGo’s calculation, and placed the CPI for June at 5.2%. It attributed the “slight rise” of the index to “the impact of the tariff recomposition that took place in the month.”

Source: Ambito

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