Argentina’s monthly inflation accelerated slightly to 4.2% in August, a 0.2 increase from July, according to the National Institute for Statistics and Census (INDEC, by its Spanish acronym).

Yearly inflation saw a marked 27-point decrease, landing at 236.7% in August. This reflects the fact that August of 2023 was the month in which President Javier Milei upended the political agenda with his surprise win in the primary elections. The Central Bank devalued the peso by 22% the following day, and inflation for that month spiked to 10.8%.

Housing and utilities prices increased the most, up by 7% off the back of rent hikes and significant increases to utility bills. It was followed by education with a 6.6% raise and then transport, up 5.1%.

Food and non-alcoholic beverage prices, which carry the greatest weight in the index, rose by 3.6% as meat and vegetable prices increase. 

The national inflation rate was identical to that of Buenos Aires City, also 4.2% for the month of August, per a separate report published last week.