July 17, 2018 / 8:15 PM / a year ago

UPDATE 1-Argentina 12-month inflation surges to 29.5 pct in June

(Adds more government data and detail on consumer rate hikes)

BUENOS AIRES, July 17 (Reuters) - Consumer prices rose 3.7 percent in June in Argentina, slightly above analysts’ median estimate of 3.6 percent in a Reuters poll, official data showed on Tuesday.

That brought 12-month inflation to 29.5 percent, up from 26.3 percent in the 12 months through May.

Price increases were led by a 5.9 percent spike in transportation prices, while food prices climbed 5.2 percent in June, according to government statistics agency Indec.

Wholesale prices also increased 6.5 percent, indicating prices are likely to continue rising in July.

The pickup in inflation came even after the central bank hiked interest rates to 40 percent in early May in an attempt to halt a run on the peso currency.

The depreciation in the peso prompted Argentina to turn to the International Monetary Fund (IMF) for a $50 billion financing deal to stabilize the country’s sputtering economy.

Reporting by Luc Cohen and Scott Squires; Editing by Leslie Adler and Marguerita Choy

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