Wholesale prices in Argentina rose 3.2% in September, up from 2.1% in August, INDEC, the national statistics agency, reported on Friday, led by a 15% jump in crude oil and gas.

The figure is INDEC’s wholesale price index, which tracks what producers and importers charge in pesos on the domestic market, taxes included. Prices of this kind often feed later into what shoppers pay, though not automatically. INDEC’s provisional September reading is above the 1.9% consumer price rise it reported on October 13.

Crude oil and gas was the biggest driver by far, adding 1.43 percentage points to the 3.2% total, INDEC said. Farm products and refined fuels were the next largest contributors.

Chart of the contribution of each category to September's 3.2% rise in wholesale prices
Contribution of each category to September's 3.2% rise in wholesale prices, in percentage points. Chart: The Ushuaia Times. Source: INDEC.

Domestic products rose 3.4% in the month while imported products barely moved, up 0.4%. Most of the increase came from primary products such as crops, fish and oil rather than manufactured goods.

Over twelve months, wholesale prices are up 29.2%, below the 33.4% annual rise in consumer prices. Crude oil and gas prices are up 77.1% since December.