Inflation in Buenos Aires City reached 7.5% in May and 114.4% year-on-year, according to a report published today by the City Government’s General Directorate of Statistics and Census (Dgeyc in Spanish). The monthly price index was lower than last month’s 7.8% figure.

Prices in the capital increased 41.1% over the first five months of the year.

“Housing, utilities and fuel” led the increase with a 12.5% monthly hike due to price jumps in rents and electricity bills. According to a report published last week by rental website Zonaprop, rental prices soared by 10.8% in May — the highest monthly increase since 2012.

“Alcoholic beverages and tobacco” was the second category that increased the most, with an 8.6% jump in May.

However, “food and non-alcoholic beverages” was the category that most affected inflation, due to its weight on the general index, with a 6.6% monthly increase. “Dairy products and eggs” led the way with a 12.2% jump, followed by “bread and cereals” with a 10.1% increase.

Consulting firm Ecolatina calculated an 8.9% inflation rate for May in the Greater Buenos Aires Area. 

“The acceleration was mainly carried forward by increases in the last week of April, driven essentially by the jump in unregulated exchange rates, that was not completely picked up by the April index, together with increases in utility bills,” the Ecolatina report said.

The National Institute of Statistics and Census (INDEC) will publish the national inflation rate for May on June 14.

Télam / Buenos Aires Herald