October inflation dipped to 8.3%, according to a report published on Monday by the National Institute for Statistics and Census (INDEC, its Spanish acronym). The monthly figure, the last to be released before the November 19 presidential runoff, represents a 4.4% drop from September’s record-high 12.7%. 

Additionally, year-over-year inflation hit 143.7%, while the total inflation for the first 10 months of the year reached 120%. The national budget for 2023 had forecast a 60% inflation rate for the entire year.

The slowing of the national inflation rate mirrors that of Buenos Aires City, which also cooled in October and landed at 9.4%, per a separate report published last week.

Food and non-alcoholic drink prices had the greatest impact on the index with a 7.7% increase, driven mainly by the higher prices of meats and their derivatives, bread, cereals, dairy products, and eggs.

Communications saw the biggest jump in prices with a 12.6% increase. According to the INDEC, this was due to price hikes in phone and internet bills. The “clothes and footwear” category followed suit with an 11% increase, which the report attributed to the change in season.