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Inflation in January rose strongly and reached 6%

2023-02-14T19:11:11.348Z


This was indicated by INDEC when publishing the Consumer Price Index (CPI). The year-on-year thus accumulates 98.8%.


In the midst of the sharp rise in prices that does not give up and after 94.8% in the twelve months of 2022,

inflation in January was 6%

, according to the Consumer Price Index (CPI) released this Tuesday by the National Institute of Statistics and Censuses (INDEC).

The figure implies that the

year-on-year accumulation amounts to 98.8%

.

So far, the highest CPI of the entire management of Alberto Fernández was the indicator for the month of July when it reached 7.4%, being the highest mark since April 2002, when it reached 10.4%.

With the inflation numbers from last December on the table, finally

2022 was left with the highest rate in 32 years.

The slowdown in recent months prevented the 100% barrier from being crossed, but although the final number was close to that figure, it far exceeded the 83% of 1991, the year in which Convertibility was launched.


Before the official data was known, the Secretary of Industry,

Ignacio De Mendiguren

, had recognized that inflation in January would exceed 5%, while private consultants estimated it in a range of between 5.5 and 6%.

"Unfortunately we see that the figure [of January inflation] is above that of the previous month, that worries us," De Mendiguren emphasized in a dialogue with

AM 750.

After falling to 4.9% in November, the CPI rose to 5.1% in December, despite the extension of price agreements.

Now, the consultants surveyed by the Central Bank project inflation of 97.6% for 2023, above 94.8% in 2022

.

De Mendiguren attributed the rise in inflation to a "record" movement of tourism and "seasonal problems."

In this sense, the national official explained: "Undoubtedly when this happens, prices are abused, the limit is often set by purchasing power, people buy the same despite prices that they cannot validate."

The truth is that after having resumed an upward course in December, inflation is once again worrying the national Executive.

An acceleration in food prices, seasonal increases and various regulated prices guide the inflationary needle towards a mark close to 6% per month.

The Minister of Economy of the Nation, Sergio Massa, during the relaunch of the Fair Prices program, at the CCK.

Photo: Federico Imas

Within this framework, the national government tries, through programs such as Fair Prices, that inflation does not exceed 30% in the first half of the year since the 2023 Budget foresees that prices increase at a rate of 60%.

The Survey of Market Expectations (REM) prepared by the Central Bank projects that by June of this year the CPI will be at 64.6%, which means that by mid-year the 60% inflation target forecast by the government for the whole year.


News in development

DS​


look also

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Source: clarin

All business articles on 2023-02-14

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