According to the latest report from the National Institute of Statistics and Censuses (Indec), consumer prices in Argentina had a year-on-year rise of 78.5% last August.
The Argentine government said on Tuesday that the inflationary rhythm has “stabilized”following the consumer price index (CPI) recorded monthly increases of 7.4% in July and 7% in August.
“We had very difficult months, especially during the winter. Now we hope that it is a little stabilized and this can undoubtedly improve, ”said the presidential spokeswoman, Gabriela Cerruti, in an appearance before high school students.
The official explained that prices, which in Argentina accumulated a rise of 56.4% in the first eight months of the year, experienced an even higher than expected rise as a result of the Russian invasion of Ukraine, especially making energy imports more expensive.
According to official data, the South American country imported fuels and lubricants equivalent to 10,423 million dollars between January and August 2022, a year-on-year jump of 174,8%.
“There were two possibilities: either the gas was cut off in winter to large companies or to homes with scheduled cuts, which is what Europe is doing, or many millions of dollars were paid to import energy. Well, it was decided to import energy (…). All of this impacts inflation.assured Cerruti.
To curb the advance of inflation, the spokeswoman stressed the importance of maintain price control policies and of “working hard” in the production chain, since the value of a product, between the time it is made in the factory and reaches the stores, “multiplies in a way that makes no sense,” he said.
“It is the most complex issue, because it does not have a single cause, it has many, and the Government is trying to attack it from the different causes it has so that this improves as soon as possible,” he sentenced.
According to the latest report from the National Institute of Statistics and Censuses (Indec), consumer prices in Argentina had a year-on-year rise of 78.5% last August.
The IPC had already accumulated a rise of 50.9% last year, denoting an acceleration compared to the 36.1% verified in 2020.
In this sense, the most recent private forecasts collected monthly by the Central Bank indicate that inflation will be 95% this year and 84.1% in 2023.