Inflation reached 3.8% in October, highest monthly rate of year to date

Inflation in Argentina reached 3.8 percent in October, the highest monthly rate of the year to date, the INDEC national statistics bureau reported Thursday.

Consumer prices have increased by 26.9 percent during 2020 to date, the bureau’s latest report indicated.

Year-on-year, inflation totals 37.2 percent since last October. While still high, that’s substantially lower than the 50.5 percent registered between October 2018 and October 2019.

The highest increases in October were seen in clothing and footwear (up 6.2 percent) and food and non-alcoholic beverages (4.8 percent).

Private economic consultancy firms had anticipated a 3.3-percent rise in October. Inflation is expected to close out the year more than 20 points lower than in 2019, according to most estimates.

INDEC said October’s rate was higher than previous months due to authorised increases in the price of fuels, seasonal products and food and drink, despite government price controls on the cost of items that qualify for a basic food basket.