The Price Consumer Index (IPC, by its initials in Spanish) reported in March a 11% monthly inflation, which results in a total of 51,6% for the year’s first quarter and 287,9% when compared to March 2023.
According to data published today by the National Institute for Statistics and Census (INDEC, by its initials in Spanish), the increase of the retail index (higher than the 10% estimated by Minister Luis Caputo) is mainly explained by a significant 52,7% rise in the Education category.
Even though March is a month of high seasonality in the cost of living due to the beginning of the school year, this year there was a strong impact of the increase of private school fees, which led the national government to implement a system of subsidies in the form of “vouchers”.
The 15% inflation in the Communication category was also important, due to the increase of prices of cell phone and internet fees. Meanwhile, the Household, Water, Electricity, Gas and Fuel category increased 13,3% due to the rise of electricity prices.
Regarding the Food and Beverages category, inflation was a reported 10,5%, with higher prices of meat, milk and dairies, eggs, vegetables, legumes, bread and cereals.
This way, in March the monthly inflation has decreased in a context of steep consumption drop and stability of the exchange rate. In January, the IPC had reported a 20,6% monthly inflation and 13,2% in February.
At the same time, according to the numbers of the Total Basic Basket reported today by INDEC, in March a four member family needed 773,385 Argentinian pesos to live above the line of poverty, and 358,490 pesos to avoid being indigent.