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Inflation advanced 3.2% in November

2020-12-15T19:13:40.571Z


That was the year-on-year change after the annual peak that prices recorded in October. The accumulated in 11 months is 30.9 percent.


12/15/2020 4:01 PM

  • Clarín.com

  • Economy

Updated 12/15/2020 4:08 PM

The National Institute of Statistics and Censuses (Indec) reported on Tuesday that the Consumer Price Index (CPI) advanced 3.2 percent in November compared to the same month last year, indicating that there was a slowdown in costs after the annual high that was recorded in October.

"Consumer prices rose 3.2% in November compared to October and accumulated a rise of 30.9% in eleven months of 2020," the agency reported.

In his report, the Indec led by Marco Lavagna explained that "the Recreation and culture division was the one that showed the greatest increase in November (5.1%), due to the greater opening of face-to-face recreational activities in gyms and court rentals" .

"However, the Food and non-alcoholic beverages division (2.7%) recorded the highest incidence in all regions. In the latter case, the increases in Meat and derivatives; Fruits; and Oils, fats and butter stood out. , Vegetables exhibited negative variations in GBA, Noroeste and Cuyo ", they detailed. 

#DatoINDEC


Consumer prices (#IPC) rose 3.2% in November compared to October and accumulated a rise of 30.9% in eleven months of 2020 https://t.co/ELAxCkf48J pic.twitter.com/YdUVMa9JjP

- INDEC Argentina (@INDECArgentina) December 15, 2020

In the Casa Rosada they considered that "this slowdown responds in part to lower increases in seasonal products, which slowed down to 2.0% per month after having grown 9.6% per month in October and 7.9% per month in September."

"It also responds to the lower increase in Regulated Regulates, which once again slowed down to 1.2% per month (vs. 1.5% per month in October). Core inflation accelerated to 3.9% per month (vs. 3.5% per month in October), "they added.

By division, Food and Beverages slowed to 2.7% monthly, after growing 4.8% in October, with a lower rise in Dairy, Oils and Fruits and a drop in Vegetables.

The divisions Household equipment and maintenance (3.9% monthly vs. 4.5% in October), Clothing and footwear (3.7% monthly vs. 6.2% in October) and Transportation (3, 6% monthly vs. 4.2% in October).

However, they accelerated compared to the previous month Recreation and Culture (5.1% monthly vs. 2.6% in October), Health (3.7% vs. 3.1% in October) and Alcoholic beverages and tobacco (3, 0% vs. 1.9% in October).

The national government had already anticipated that the CPI would be lower

than 3.8% in October

.

This was announced by the Minister of Economy, Martín Guzmán, when he participated on Monday in the GZero Latin America 2020 Summit of Eurasia Group.

The head of the economic portfolio also predicted that 2020 "will end with inflation almost 20 points lower than

2019", when it reached 53.5%.

Guzmán said that "a positive 2021 is expected, with the country growing" and an "accumulation of international reserves."

"

We expect a gradual reduction in inflation

; we need to accumulate international reserves that allow us to reduce capital controls that are defensive that correspond to an emergency situation, and move towards macroprudential policies," he said.

Last week, the Minister of Productive Development, Matías Kulfas, indicated that the 29% inflation projected for next year in the Budget law marks the continuity of "a path of strong disinflation" that began in 2020 with a CPI that "it will be closing in a few days at around 34% or 36%, approximately 20 points below 2019."

Asked about the impact that the recovery of wages and consumption will have on inflation, Kulfas indicated that "these processes can generate inflationary tension but we expect to manage them based on a scheme that combines a more solid macroeconomy, price controls and a more consistent monetary and fiscal policy than last year. "

Financial market analysts estimated that in November inflation reached 3.6%, according to the Market Expectations Survey (REM) carried out by the Central Bank.


These agents also estimated that inflation

will be around 50% next year

, against the 29% estimated by Guzmán in the 2021 Budget Law.

Source: clarin

All business articles on 2020-12-15

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