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Inflation climbed to 25.5% in December and ended the year at 211.4%

2024-01-11T19:06:47.194Z

Highlights: Inflation in December was 25.5% according to the Consumer Price Index (CPI) reported on Thursday by the National Institute of Statistics and Census. The CPI had registered a rise of 12.8% in November, a few points above the 8.3% that the October measurement showed. Private estimates had anticipated that the price increase would be in a range of between 25% and 30%. Manuel Adorni said that "any degree of inflation is harmful," since "inflation hits purchasing power and much more so in those who have the least"


It was announced by INDEC and is the first measurement of Javier Milei's management.


Inflation in December was 25.5% according to the Consumer Price Index (CPI) reported on Thursday by the National Institute of Statistics and Census (INDEC), being the first measurement to be released since Javier Milei took office as head of the national executive on December 10.

The CPI had registered a rise of 12.8% in November, a few points above the 8.3% that the October measurement showed, so it was close to the 12.7% in September and the 12.4% last August.

Private estimates had anticipated that the price increase would be in a range of between 25% and 30%, which generated Javier Milei's celebration. "If it's 30% it's a great number, we were coming for 45. It would mean that we managed to reduce a third," said the head of state in an interview with Radio Mitre.

In the hours before the data was released, Javier Milei said that if the number is closer to 25 percent, "it means that the success was tremendous."

"If we are at that number, we have to call Caputo and congratulate him," he said in an interview with La Red radio hours before the first inflation data of the Milei era was released.

Meanwhile, in his conference on Thursday, Manuel Adorni said that "any degree of inflation is harmful," since "inflation hits purchasing power and much more so in those who have the least."

"We understand that every point of inflation is the responsibility of the previous government by virtue of the lags in monetary policy. What we are not doing is sweeping data under the rug," the national official said.

And he added: "To believe that in the disaster in which we are immersed the responsibility lies with a government that has been in office for 30 days, seems childish or in that case naïve. It is clear that we were and still are at risk of drifting into hyperinflation."

In anticipation of the data reported this Thursday by Indec, the price index of the City of Buenos Aires - which is usually in line with the national indicator - had shown a record of 21.1% in December, but the rise in food prices stood at 30.4%.

With these data, during 2023, Buenos Aires inflation was 198.4%, with food with an increase of 243.8%, according to figures from the Buenos Aires Statistics and Census Directorate.

Developing news

Source: clarin

All business articles on 2024-01-11

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