Argentina Inflation Jumps More Than Expected Amid Lockdown

(Bloomberg) -- Argentine consumer prices rose faster than expected in March as the country went into a nationwide lockdown to contain the spread of coronavirus.

Monthly inflation accelerated for the first time in four months, to 3.3%, according to government data published Wednesday. That was higher than the 2.6% median forecast of analysts surveyed by the central bank.

Annual inflation slowed to 48.4%, from 50.3% in February.

The rise in the inflation rate was led by a 17% jump in education prices as schools briefly opened for the academic year last month. Food and communication prices also rose faster than the headline rate.

The statistics agency INDEC said that data collection for categories like education was affected by the virus, allowing staff to only poll by phone and email instead of in-person conversation.

Argentina went into lockdown on March 20 and people must stay home until at least April 26, President Alberto Fernandez announced last week.

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