Friday, 19 January, 2018

ARGENTINA: Monthly Consumer Price Index Accelerates To 3.1% In December

Details about IIP and CPI Inflation at 17-month high, rises to 5.21 pc in Dec, 2017
Orlando Vargas | 12 January, 2018, 17:05

Annual retail food inflation rose 4.96 per cent in December from 4.35 per cent in the previous month.

The pickup in the core CPI data may help reinforce expectations that the Fed is making progress on stable inflation, one of its twin goals along with maximum employment.

Core inflation, while not the Federal Reserve's preferred inflation measure is still well below the central bank's target of 2%.

Analysts said any sharp rise in state spending in the budget that fuels inflation could force the central bank to raise rates earlier than expected.

Crude prices have rallied, sending Brent crude above United States dollars 70 a barrel on Thursday for the first time since December 2014, a worry that India imports most of its energy needs.

The energy index in the USA last month fell 1.2% compared to November.

Among the CPI components, inflation of food and beverages accelerated to 4.85% in December 2017 from 4.41% in November 2017 mainly contributing to the increase in CPI inflation.

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For the full year, CPI rose 2.1%, the same as 2016, while core CPI slowed, posting a 1.8% increase after the 2.2% gain in the previous year.

"The rise in housing inflation is likely to be persistent, while rising crude oil prices pose another risk".

On a year-on-year (YoY) basis, the CPI inflation last month was higher than the 3.41 per cent recorded in December 2016.

The rise in the inflation will lead to a spike in bond yields.

As per use-based classification, the growth rates in November 2017 over 2016 are 3.2 percent in primary goods, 9.4 percent in capital goods, 5.5 percent in intermediate goods and 13.5 percent in infrastructure/ construction goods.

But clothing prices fell for the fourth consecutive month, and airline fares fell 0.5% after a 2.4% drop in November.

Shelter costs rose 0.4% in the month, while medical care increased 0.3% and food was up 0.2%.

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