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Montevideo, October 4th 2023 - 00:57 UTC

 

 

Argentina: April's monthly inflation set at 8.4%

Saturday, May 13th 2023 - 10:58 UTC
Full article 3 comments
Prices go up “just in case,” President Fernández explained before the Indec announced April's results Prices go up “just in case,” President Fernández explained before the Indec announced April's results

Argentina's National Institute of Statistics and Census (Indec) Friday announced that inflation for the month of April of 2023 was 8.4%, way above all projections. Interannually, the Consumer Price Index (CPI) reached 108.8% and the accumulated variation in the first four months of the year was 32%. It is the highest monthly inflation since April 2002 (10.4%) and the highest year-on-year figure since 1991. Since Alberto Fernández took office in December 2019, prices increased 448%.

Instead of stabilizing or going down, inflation in the South American country has been growing since the beginning of the year: January (6%), February (6.6%), March (7.7%), and last month (8.4%). With these figures, the price index may well reach double digits in the next few months.

The Greater Buenos Aires area was where prices rose the most in general, with an increase of 8.6% in the last month. It was followed by the Pampas region (8.5%) and the Northeast (8.3%). The lowest price increase was in the Cuyo area, although the increase was 7.2%.

Inflation remains on the rise due to the large monetary emission to finance State spending with the credit market closed, it was explained.

Private projections expected inflation for May to reach 7.4%, according to the last Relevamiento de Expectativas de Mercado (REM) published by the Central Bank (BCRA) before Friday's figure was released.

The report also forecasts a 7% monthly floor until October. Inflation in 2023 is expected to exceed 126% but these projections are constantly being revised upwards.

President Alberto Fernández admitted before the official data was released, that there is “a very serious problem with inflation” and that “it is very difficult to control.” He blamed the foreign exchange run, “which took the dollar from AR$460 to AR$500 and something”, and said that “this price increase operates in the head” of Argentines. He insisted that speculation was a key factor. Prices go up “just in case,” explained the president, who admitted that the inflation for April “is not what we want.”

Categories: Economy, Argentina.
Tags: Inflation.

Top Comments

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  • Pugol-H

    Ah, so it’s the speculators driving up inflation then, nothing to do with printing more money!

    Arrest the speculators and seize all dollar accounts and that will kill inflation dead, eh!

    Sarcasm aside, I don’t see a way out of this for Argentina without a lot more pain for the less than wealthy.

    May 13th, 2023 - 05:12 pm 0
  • Chicureo

    PUGOL

    I'm currently with Madam visiting our dear close friends in San Juan Argentina.
    Things here are sadly depressing, but the good life still is amazing enjoyable.
    Affluent Argentines that have kept there wealth abroad are still doing well, and awaiting for a more sensible government to arrive.
    ¡Saludos!

    May 14th, 2023 - 07:49 pm 0
  • Pugol-H

    Chicureo
    Bonjour mon ami, I trust all is well with the new Clan member? Et bonjour à Madame, I am soon to visit France for a family wedding and looking forward to sometime in La bell France.

    Shush, no mention of Le Brexit!!! Sacre bleu, I never said any such thing!!!

    I have recently spoken to an Argentinian friend of mine, living in BA, works for a company ‘overseas’ and is paid in Dollars (US) ‘overseas’, so he is surviving quite well, otherwise he says the situation is dire.

    MalviNazis aside, I take no pleasure in the suffering of the Argentinian people, I said to mi Compadre in BA, Argys must be amongst the most resilient people in the world, they survive economic meltdowns/collapses, like we survive rain showers and we get a lot of rain showers.

    And the more I learn about Argentinian politics, the less I understand.

    Oh, only, CFK = Bruja Mala!

    I don’t see a way out of this for Argentina without a lot more pain for the less than wealthy.

    My friend also said, ‘whoever wins the coming election, is going to inherit a crock of shit’!

    Stay well my friend.

    May 14th, 2023 - 11:08 pm 0
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