Inflation in March in Argentina was 7.7%, with an acceleration of 1.1 percentage points compared to 6.6% in February, and an interannual variation of 104.3%, the National Institute of Statistics and Censuses (Indec) reported over the weekend. The monthly data is the highest since the 10.4% registered in April 2002.
The Consumer Price Index has grown steadily for the last five months, after registering a floor of 4.9 percent in November. Thus, despite the implementation of price containment programs, the macroeconomy shows an inflation dynamic that “travels” above 7% per month, which, if maintained, configures a projection of 125% in 12 months.
The monthly data was equal to last month’s core CPI. On this occasion, it was reported that this category gave 7.2%, below the general level, being one of the few pieces of news that would tend to estimate relatively lower inflation for April.
The record inflation of the last month had the Education category as the one that recorded the highest increases at the national level, 29.1%, a mark by far higher than other sectors, although textile products (9.4%) and food and beverages (9.3 %) developed with increases above the average.
The dynamics are worrisome in the context of the high increases recorded by these products at the beginning of April. According to the LCG consultancy in its sector survey, in the second week of this month prices rose an average of 2.93%, the highest variation in the last year, and in the first 2.5 percent.
In what has to do with totally or partially regulated sectors, the majority registered an increase below the general price level. Examples of this were Housing, water, electricity, gas and others (6.5%), Health (5.7%), Transportation (5.3%) and Communication (1.9 percent).
In the breakdown of products, lettuce increased by 58.5% in the last month, followed by orange and tomato, with 43.6% and 37.3% respectively.
According to the private consultants that participate in the Survey of Market Expectations carried out monthly by the Central Bank, inflation for March had been estimated at 7 percent.
The spokesperson for the Presidency, Gabriela Cerruti, attributed the 7.7% increase in the Consumer Price Index (CPI) in March to the impact of the war on international prices and the drought.
The number we see today represents the worst moment of the impact of the war on international prices and the worst drought in history in the country. We know, it hurts us, it occupies us, how it affects daily life and each family, ”she explained in a message posted on Twitter.
