By Ryan Dube

Argentina's benchmark consumer price index rose in November on higher food, health and housing costs, the government said Thursday.

The CPI in Buenos Aires increased 1.6% in November compared to the previous month, national statistics institute Indec said. The agency said the price of food and beverages was up 1.9%, while health costs increased 1.6% and housing costs rose 1.5%.

The figure for November was less than the 2.9% increase in the CPI in October. It was also in line with expectations from private sector economists that forecast inflation to rise between 1.5% and 2%, said Daniel Marx, an economist at the Buenos Aires-based Quantum Finanzas consultancy.

"Inflation was coming down during the month of November," he said. "December looks likeit will confirm the trend."

President Mauricio Macri halted publication of inflation figures shortly after taking office late last year due to accusations of manipulation by his predecessor. The government started publishing data again in June with a new index, when it reported that consumer prices in May rose 4.2%.

Last month, the International Monetary Fund said it expects Argentina's annual inflation will be 39.4% this year, and 20.5% in 2017. It expects the economy to contract 1.8% in 2016, before growing almost 3% annually over the next five years due to Mr. Macri's pro-market economic policies.

Write to Ryan Dube at

(END) Dow Jones Newswires

December 15, 2016 16:10 ET (21:10 GMT)

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