MercoPress, en Español

Montevideo, November 14th 2018 - 06:46 UTC

Argentine unions claim April inflation reached 5% and 40.85% in 12 months

Wednesday, May 4th 2016 - 08:40 UTC
Full article 6 comments
 Moyano said that in the first four months of the year inflation jumped above 16% Moyano said that in the first four months of the year inflation jumped above 16%
A twelve month inflation of 40% means a huge take from the purchasing power of workers A twelve month inflation of 40% means a huge take from the purchasing power of workers

Inflation in Argentina during April reached 5.02% and 40,85% in the last twelve months according to the unions umbrella organization CGT Economic and Social observatory, which was released on Tuesday.

 The CGT observatory which responds to the powerful teamsters union leader Hugo Moyano, said that inflation in Argentina during the first four months of the year was over 16%, and food items, a basic ingredient of the basic basket used to measure poverty and indigence “has sustainedly increased at a higher rate than the overall inflation”.

The so called “cleansing” of the economy has two sides which clearly express the horizon of the current economic plan: on one side the transfer of assets to the highly concentrated sectors of economic power, and the other the increase of public utilities rates, power, transport and prices overall, pointed out the release from the Observatory.

Likewise an inter-annual inflation over 40% means a huge take from the purchasing power of workers, which can't be addressed, “not even with salary and benefits negotiations”.

In a reference to president Mauricio Macri's hope that the second half is going to be “very positive” as far as inflation and jobs are concerned, the Observatory release points out that “nothing indicates that when we reach the second half, good news will come pouring in as magic”.

Furthermore Moyano said in a radio interview that if inflation goes down it is because “unemployment will have soared”, and nobody knows what can happen.

Argentine unions set up their own prices and services stats office because they ended by not trusting any official percentages under the Kirchner years.

Categories: Economy, Politics, Argentina.

Top Comments

Disclaimer & comment rules
  • chronic

    Rg values:

    Communism good.

    Capitalism bad.

    Rg, report back on how this philosophy works our for you.

    Tick tock.

    May 04th, 2016 - 09:31 am 0
  • ChrisR

    Ah Moyano, the thorn in the arse of TMBOA (and so large he couldn't miss it) is now working himself up to have a crack at Macri.

    If only Macri had had the balls to deal with the unions instead of capitulating when they first crossed sword he probably wouldn't be in the shit now.

    The clash between the unions and Macri is likely to be the defining feature of the Macri Presidency up to the next election.

    May 04th, 2016 - 10:39 am 0
  • Lucifer

    Now is the time to crush them.
    It would be good for Argentina to rid themselves of these monsters once and for all.

    May 04th, 2016 - 11:42 am 0
Read all comments

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!