November inflation was 4.9%

November inflation was 4.9%, according to the consumer price index (CPI) reported this Thursday by the National Institute of Statistics and Census (INDEC). Therefore, the figure accumulated over the last twelve months is 92.4%.

The highest inflation of the year and of the entire administration of Alberto Fernández continues to be that of July, when it reached 7.4%. That mark was the highest since April 2002, when it reached 10.4%. Then it fell to 7% in August and 6.2% in September.

With the CPI corresponding to November, the cumulative change in 2022 reaches 85.3%.

The “Housing, water, electricity, gas and other fuels” sector was the one with the highest increase at national level, with 8.7%. The increase in tariffs in electricity and gas services had an impact, INDEC indicated, and the segmentation in the water service in Greater Buenos Aires was also felt, where the increase in this division rose to 10.7 %.

“Communication” was the second division with the highest increase, with 6.4%, due to the effect of telephony and internet prices. Further back “Alcoholic beverages and tobacco”, with 6.3%.

The rest of the divisions increased as follows: Transportation, 6.1%; Miscellaneous goods and services, 5.8%; Restaurants and hotels, 5.5% Equipment and home maintenance, 5.4%; Clothing and footwear, 4.5%; Leisure and culture, 4.2%; Health, 4.1%; Education, 3.8%; Food and soft drinks, 3.5%.

In geographic comparison, Greater Buenos Aires was the only region above the national CPI, at 5%. Prices in Cuyo, Patagonia and the Pampea region moved together with the global index, while the NOA showed a CPI of 4.6% and the NEA of 4.5%.

Inflation ‘entered a process of decline’

In the previous one, the Government had forecast inflation for November below 6%, the lowest number in the administration of Sergio Massa at the helm of the Ministry of Economy. The figure that the Municipality had released the previous week, which was 5.8% in that area, corroborated this trend.

Presidential spokeswoman Gabriela Cerruti also said on Thursday morning that “a process of lowering inflation” had begun.

“All of us who go to the supermarket notice this,” she said. The Government is betting on a lower number than in October due to the slowdown in food prices. Last month, this item had seen a sharp increase, with increases of 9% for tagliatelle, 13% for oil and 17% for milk, ahead of announcements of a new price freeze.

For private analysts tracking inflation, the government-encouraged hypothesis was feasible. “It gives me almost 6%,” economist Fausto Spotorno said in a preview. The Libertad y Progreso Foundation agreed that this month’s inflation would be below 6%.

In recent months, June has been the one with the lowest inflation at 5.3%. Then comes 7.4% in July – the record for the year so far -. Then the CPI dropped to 7% in August, 6.2% in September and rose to 6.3% in October.

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