Argentine inflation stands at 11% in March, and reaches 287.9% in 12 months

[ad_1]

Data were released this Friday afternoon by the country’s National Institute of Statistics and Census (Indec). Flag of Argentina Unplash Inflation in Argentina was 11% in March, according to the Consumer Price Index (IPC) released this Friday (12) by the country’s National Institute of Statistics and Census (Indec). As a result, price increases reached 287.9% in 12 months. The number represents a new slowdown compared to that observed in February, when prices rose 13.2%. The movement was mainly driven by inflation in the Education (52.7%), Communication (15.9%) and Housing, Water, Electricity, Gas and Other Fuels (13.3%) segments. READ ALSO: Accounts in the black and poverty: both sides of Milei’s radical adjustment Argentina has 2nd monthly surplus, but suffers from poverty and inflation IMF recommends Milei protect Argentina’s poorest sectors One day before the release of official inflation, the Bank Central Argentina announced the reduction of the country’s basic interest rate from 80% to 70% per year. When announcing the decision, the monetary authority stated that it is observing a “pronounced slowdown” in inflation, “despite the strong late statistical effect that inflation has on its monthly averages.” The bank added that since Milei took office, the monetary base has been reduced substantially, which helps absorb liquidity and contain price increases. Upon assuming the Presidency of Argentina, Javier Milei implemented tough measures to combat inflation, including cuts in state spending and subsidies for public services. The government also devalued the peso by more than 50% in December, which caused prices to rise more quickly. Argentine Senate rejects Milei’s package of measures

[ad_2]

Source link