2024-07-12 08:30:00
The National Statistics and Census Institute (Indec) of the Republic of Argentina will release June inflation data this Friday. It is believed that there will be a rebound compared with 4.2% in May. Economy Minister Luis Caputo on Thursday expected inflation to fall below 5%.
inflation After five consecutive months of decline, June interrupted the decline, rising from 25.5% in December to 4.2% in May last year. According to forecasts from private consultants and the government’s view, this is the result of a greater impact on regulatory prices due to rising interest rates.
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Market Expectations Survey (REM) for release he The central bank’s inflation rate reached 5.2% in June Prices are expected to rise by 138.1% throughout the year. For private measurements, it ranges from 4.9% to 5.6%. Consulting firm C&T Economic Advisors forecast inflation in June at 4.9%. Data from consulting firm Focus Market showed that consumer inflation was 4.7% in June.
The Libertad y Progreso Foundation’s consumer price index (CPI) rose by 5.4% in June, which represents an increase of 1.2 percentage points from the official measurement in May (4.2%). research shows In the first five months of this year, CPI increased by 81.2%. The year-on-year change reached 274.4%, declining for the second consecutive year.
Caputo hosted big companies and told them there was no reason for inflation
The day before the June inflation announcement, the Minister of Economy, Louis Caputo meets with mass consumer companies in food to discuss macroeconomic evolution. There, he assured that there was no reason for inflation.
Representatives of major mass consumer companies took part in the meeting to discuss the situation in the industry and government measures to organize the economy. minister Approves government’s pledge to end currency problemsensuring fiscal surpluses and organizing macroeconomic political decisions.
In addition, Caputo emphasized the importance of the role of entrepreneurs in order to accelerate economic recovery through microeconomics. This way, He assured that there is no macroeconomic reason for continued inflation and exchange rate exit will be carried out in an orderly manner..
Meanwhile, businessmen highlighted the measures taken by the government to support the industry and They agreed to work together on a common agenda that prioritizes tax cuts. The meeting came following Caputo held meetings with the Argentine Rural Association (SRA), the Chamber of Urban Developers (CEDU) and the automotive industry.
The Production Coordination Secretary also attended, Juan Paso; and their counterparts in the industrial and commercial sectors, Pablo Lavigne. Molinos Río de la Plata SA, Arcor SAIC, Mondelez Argentina SA, Grupo Peñaflor SA, Unilever Argentina SA, Danone Argentina SA, Cabrales, AGD, Mastellone, Las Marías, Nestlé, QuickFood, Compañía deveceras Unidas, Coalía Unidas, Cosía de Cerveas Unidas , Cosía, Coalía de Cervecers Unidas, Cosía, Coalía de Cervecers Unidas. Wire.
Eight million Argentines do not have enough resources to feed themselves
Food prices in popular Buenos Aires suburban neighborhoods rose 2.75% in June. Therefore, in the sixth month of the year, a family consisting of two adults and two children needs $371,736.89 pays for 57 products in basic food basket. In May, $361,789 is needed. Since November 2023, the basic product has risen by 103.24% in the past seven months.
The data comes from a monthly survey of 850 local businesses in 20 districts of Greater Buenos Aires conducted by the Institute of Social, Economic and Civic Policy (Isepci). research has shown The value of the basic basket total between November and June, These include (in addition to food) a wider range of products essential to daily life, It rose 107.97% to $817,821.16.
Warehousing products grew 3.34% in June and 110.71% in the past seven months. ISEPCI Director Isaac Rudnik said In the past seven months, “the number of Argentines without adequate resources to feed themselves has increased from four million to eight million.”. In June, food prices in popular suburbs of Buenos Aires increased by 2.75%, and since November 2023, food prices have increased by 103.24%.
According to the report, The vegetable sector led the way with an increase of 5.15% for the sixth consecutive month. It has increased by 110.19% in the past seven months. at the same time, Warehouse products rose 3.34% during the same period 110.71% and 110.71% respectively. Meat has gained 0.23% in the past 30 days It is 87.78% since November.
studies show that, A household spent $188,831.41 more than in November 2023 for the same product. According to the ISEPCI report, rising food prices have been “an unstable journey, with the availability of basic food items in local stores unable to find a stable equilibrium”.
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