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Montevideo, November 14th 2018 - 02:41 UTC

Macri admits annual inflation will reach 30%, “product of this storm”

Thursday, August 2nd 2018 - 07:24 UTC
Full article 6 comments
Macri advised Argentines to “take care of themselves, look and compare” prices when they shop for groceries and other items Macri advised Argentines to “take care of themselves, look and compare” prices when they shop for groceries and other items
The president criticized businesses that seek to “abuse” the instability. He said his government would investigate those who have “abusive attitudes” toward pricing The president criticized businesses that seek to “abuse” the instability. He said his government would investigate those who have “abusive attitudes” toward pricing
Argentina has one of the world's highest inflation rates. INDEC national statistics bureau said consumer prices rose 3.7% in June, and 29.5% in the 12-month Argentina has one of the world's highest inflation rates. INDEC national statistics bureau said consumer prices rose 3.7% in June, and 29.5% in the 12-month

Argentina's President Mauricio Macri is acknowledging for the first time that the country's annual inflation rate will be 30%. Macri said Tuesday that the high consumer prices “unfortunately are a product of this storm.” He was referring to a sharp devaluation of Argentina's currency and a recent run on the Peso.

 That led Argentina's government to seek a financing deal with the International Monetary fund earlier this year aimed at boosting the sputtering economy as it continues to fight double-digit inflation.

Macri advised Argentines to “take care of themselves, look and compare” prices when they shop for groceries and other items, as he criticized businesses that seek to “abuse” the instability. He said his government would investigate those who have “abusive attitudes” toward pricing.

Argentina currently has one of the world's highest inflation rates. Last week, the INDEC national statistics bureau said consumer prices rose 3.7% in June, bringing the 12-month nationwide inflation rate to 29.5%. In the first six months of 2018, inflation has totaled 16%.

President Macri said that he had sought to “lower inflation and public spending,” stressing that “we have to lower the deficit faster so we can lower inflation.”

The president said that inflation would “continue to go down and down,” predicting Argentina would reach single-digit inflation “in two or three years.”

Categories: Economy, Politics, Argentina.

Top Comments

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  • Zaphod Beeblebrox

    EM,

    “Argentina has had, of course, its share of bad presidents. However, this is the first time a head of state is at once a pathological liar, a corrupt individual and an incapable manager of the economy.”

    Really? I thought CFK ticked all of those boxes.

    Aug 03rd, 2018 - 05:43 pm 0
  • bushpilot

    Your Triple Crown consisted of 3 critical flaws:

    1) pathological liar
    2) corrupt individual
    3) economic mismanagement

    You claimed Macri is the “only” head of state in Argentina's history to hold all 3 of these critical flaws.

    Macri is the current leader of Argentina, the one that counts. You are the one that compared him to previous heads of state in Argentina. That includes CFK.

    Zaphod said, “I thought CFK ticked all of those boxes.”

    This is not the ranting of a pro-Macri “cheerleader”, it is a simple statement and a reasonable one.

    You challenged Zaphod's statement by focusing on only the 3rd flaw of economic mismanagement.

    But you didn't argue against Zaphod's claim that CFK was also a pathological liar, nor against his claim that CFK was also a corrupt individual.

    You seem to be arguing that while both CFK and Macri were pathological liars & corrupt individuals, only Macri is guilty of economic mismanagement. Therefore, only Macri holds all 3 of the above flaws.


    The issues in the 2015 Macri vs. Scoli campaign were economic. Argentines didn't think the economy was being managed well.

    The “economic numbers” at the end of the 8 year CFK administration were not a demonstration of a well managed economy. The 8 year CFK figures are better than Macri's 2.5 year figures, especially the debt, but the CFK administration still demonstrated economic mismanagement also.

    Zaphod's claim that CFK was also guilty of economic mismanagement is not just him “thinking whatever he likes”, that claim is valid.

    Nor did you dispute that CFK was a liar, and corrupt. Do you want to argue that she was not?


    Therefore, CFK is also one of the few Argentine heads of state that are guilty of all 3 of your flaws above.

    If you think focusing on previous administration's performances doesn't contribute to the present, why did you compare Macri to all previous administrations in Argentina?

    Is it OK for you to do so when that supports your politics, but others shouldn't compare?

    Aug 04th, 2018 - 01:58 am 0
  • Enrique Massot

    @BP

    You may keep talking about the CFK government 32 months after she ceased to be in office and you may refuse to say a single word about the current government as it quickly destroys the country.

    Just as La Nacion and Clarin do every day in Argentina, you may think it clever to keep talking about how bad Kirchnerism was while avoiding talking about the increasingly ominous day-to-day realities.

    It remains that is just a short-term device. The population will find out who supports them and who harms them; they find that out every week when they go purchase their basic goods.

    Aug 06th, 2018 - 06:24 am 0
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