Alphacast High Frequency CPI - August 30th 2023
Alphacast High Frequency CPI: Inflation was 2.4% WoW
Weekly inflation moderated but remained elevated. Consumer prices grew 2.4% WoW, lower than in the previous week (5.8% WoW). The monthly printing was 10.8% MoM, above the previous value (8.8% MoM -revised-). The interannual rate was 128.3% YoY, higher than the last figure (127.9% YoY).
| Main figures | Previous week (published) | Previous (revised) | Current week | Monthly | Annual |
|---|---|---|---|---|---|
| Headline inflation | 5.8% WoW | 5.8% | 2.4% | 10.8% MoM | 128.3% YoY |
| Core inflation | 6.6% WoW | 6.6% | 3.3% | 11.4% MoM | 127.2% YoY |
| Dollarized core | 7.6% WoW | 7.6% | 3.6% | 13.1% MoM | 145.2% YoY |
| Non-dollarized core | 4.4% WoW | 4.5% | 2.2% | 7.3% MoM | 124.0% YoY |
| Food inflation | 6.0% WoW | 6.0% | 3.4% | 10.5% MoM | 139.4% YoY |
Core inflation and seasonal items cooled down while regulated prices held steady. Weekly core inflation was 3.3% WoW, below the previous figure (6.6% WoW) while its monthly printing was 11.4% MoM, higher than the last week (9.1% MoM). In addition, prices of seasonal items grew 1.1% WoW, far below the previous value (7.5% WoW), and the monthly rate was 10.0% MoM, lower than the previous figure (8.3% MoM). Lastly, regulated prices increased 0.4% WoW, similar to the last value, while their monthly printing was 9.4% MoM, above the last figure (8.3% MoM).
Prices of non-dollarized items and dollarized items moderated. The weekly printing for non-dollarized items inflation was 2.2% WoW, below the previous 4.5% WoW -revised-, while the monthly printing was 7.3% MoM, (vs previous 6.0% WoW). Dollarized items inflation was 3.6% WoW (vs previous 7.6% WoW), and the monthly figure was 13.1% MoM, far above the previous figure (10.2% WoW).
Food and Beverages prices eased. Our monitoring of Food & Beverages shows a weekly variation of 3.4% WoW, far below the previous figure (6.0% WoW). In addition, the monthly figure was 10.5% MoM, higher than last week´s figure (8.1% WoW).
The distribution of price changes continued changing. The fraction of our monitored prices increasing 4% or more per month was of 90%. Moreover, 68% of prices are growing 10% or more per month, the highest figure since September 2019. Lastly, just 7% of our monitored prices are rising less than 2%.
