After the National Institute for Statistics and Census (INDEC, the Spanish acronym) released record-breaking inflation numbers for April today, Deputy Economy Minister Gabriel Rubinstein said the numbers were “extremely high”.
The inflation rate was 8.4% in April, the highest monthly reading since April 2002. Meanwhile, year-on-year inflation reached 108.8% and headline inflation for the first four months of the year was 32%, the report released today said.
In a statement, Rubinstein said that “seasonal commodities” like vegetables and clothing drove prices this month, just as they did in March. He also named poultry, dairy, sugar, bread and grains as products responsible for monthly inflation of 8.4%.
“We also recognize that the exchange rate turmoil in dollar financial markets in the last half of the month has led to preemptive price hikes in many of our economy’s products and services,” Rubinstein said, referring to the run against the peso three weeks ago.
In April, the consumer price index (#CPI) increased by 8.4% compared to March. The “seasonal” segment rose 12.6%, the “regulated” segment rose 4.9%, and core CPI (excluding regulated or seasonal) rose 8.4%. pic.twitter.com/U9d1MEqaNz
— Secretariat for Economic Policy (@Politicaecon_ar) May 12, 2023
“This requires a redoubling of macroeconomic efforts to implement measures to improve fiscal balance, reserve accumulation and exchange rate stability, and strengthen incomes policy,” Rubinstein said. “All this to achieve better results in the fight against inflation.”
Sources in the economy ministry told the Herald that economy minister Sergio Massa will hold working meetings tomorrow related to the inflation figures released. According to the sources, “measures” to combat the rise in prices would be announced over the weekend. However, no further details were given about these measures.
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