BUENOS AIRES, Aug 13 - Argentina's inflation continued to press upward in July, with the national statistics agency reporting a monthly rise of 2.1% in consumer prices. That pace was modestly higher than the 1.9% recorded in June and slightly exceeded analyst expectations of 2%.
On a 12-month basis, the inflation rate climbed to 33.8% in the year through July, edging up from June's 33.5%.
The breakdown of price movements highlights strength in services tied to seasonal travel and leisure. Recreation and culture posted the largest increases in July, a development the statistics agency attributed to pricier holiday packages sold during Argentina's winter holiday period. These gains were followed by higher prices in restaurants and hotels.
In contrast, prices for clothing and footwear moved slightly lower during the month.
Analysts polled earlier this week said disinflation in Argentina remains a gradual process rather than a pronounced decline. That view aligns with the month-on-month uptick and the small acceleration in the annual rate.
The nation's central bank continues to expect inflation to slow further over the course of the year, projecting that consumer prices will end the year at 29.8%. Policy makers also forecast economic growth of 2.7% for the year.
Taken together, July's figures point to persistent price pressures focused in service industries connected to tourism and hospitality, even as some goods categories such as clothing and footwear show modest weakness. Observers and policy makers will be watching whether the seasonal service-driven increases are transitory or signal a more sustained divergence between services and goods inflation trends.