MercoPress. South Atlantic News Agency

Fourth Kirchner government climax, 12 month food inflation at 100%

In the 12 months to October the Basic Food Basket inflation climbed 100,8% and 93,1% for the Total Food Basket

The basic food basket, CBA, in Ushuaia, Tierra del Fuego province, Argentina soared 9,5% during October while the overall food basket, CBT, 9%, according to the latest figures from Indec, the country's stats office. This is 50% higher than the inflation rate for the month of October which stood at 6,3%.

 This represents a twelve month inflation of 100,8% for CBA and 93,1% for CBT and 88,4% and 83,5% respectively in the ten months of 2022, which obviously has had a growing impact on the number or poor and indigent people in Argentina.

In both baskets the largest incidence belongs to food items, which marks an overall distance from the October monthly CPI of goods and services for the whole country that recorded 6,3%, 76,6% in the ten months of 2022 and 88% year to year. However under the current government of president Alberto Fernandez and vice-president Cristina Fernandez the highest monthly inflation was last July with 7,4%.

Market analysts are already anticipating that record breaking inflation will continue during November in Argentina, since some of the subsidies benefitting public service rates are to begin being gradually curtailed. This means higher water bills, 25,2%, power and cooking gas, 18% and 10%, plus 10% increase for janitor services in apartment buildings.

All of which goes to confirm that in this fourth Kirchner government annual inflation in Argentina will be well above 100%, with the most painful effects for the vulnerable, weak and on fixed incomes or pensions since food is again forecasted to outpace all other items of the basic baskets.

According to official Argentine stats almost half of the country's 45 million live under poverty conditions, with even greater sufferings for small members of families.