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Wholesale prices do not stop growing: 5.6% in January

Although the exchange rate was expected to slow slightly, wholesale prices posted an extraordinary rise of 5.6% during January. In addition to the fact that the rise in the dollar continues to have a high floor, the prices of commodities, both those of agriculture and oil, continued to be key and led the increases. In addition, increases in gasoline at the local level also added theirs.

The numbers were published by Indec through the January Wholesale Price Index System report. The data from the Internal Wholesale Price Index (IPIM) shows the dynamics of companies’ costs, since the basket that makes it up is mainly made up of tradable inputs.

The extraordinary rise of 5.6% implied a strong acceleration, after the 4.4% in December. In fact, it is the largest increase since the historic 11.2% in August 2019.

With what has been said, those that pulled in the first place were the prices of commodities. Crude oil and gas grew 13% (adding 1.1 points to the index). Agricultural products 5.7%, with an important weighting in the total of the basket (added 0.7 point to the index). The third party that pulled the most was Refined petroleum products, with an increase of 8.3% (added 0.7 point). Finally, manufactured food and beverages also added their own, with an increase of 3.2%. And imports were not far behind, with an increase of 4.4%.

The interannual variation of business costs was 40.8%, which was above consumer prices: the rise in the CPI was 38.5% per annum in January. In recent months, wholesalers tended to grow more strongly, which implies a certain potential for a delay in the transfer to prices of the increase in costs.