The national CPI accelerated sharply to 4.7% in February, INDEC reported on Tuesday, with which it accumulated 52.3% in the last twelve months.
But the highlight was the strong rise in Food and non-alcoholic beverages, which jumped to 7.5% in the monthand accumulated a jump of almost 13% in the two-month period. “It is the highest monthly growth observed since the INDEC resumed the measurement of inflation at the end of 2016. The second highest value was observed in September 2018 (7.0%)”, remarked the economist Nadín Argañaraz.
From the Ministry of Economy, they indicated that the general indicator of inflation “It was affected by the impact of the rise in international prices of the main commodities, due to the drought and the conflict in Ukraine.”
Within the Food category, they stood out increases in dairy products, bread and cereals, and meat and derivatives.
“The rise in food and non-alcoholic beverages has a full impact on the purchasing power of workers and retirees, who allocate a significant portion of their income to the consumption of these goods,” Argañaraz recalled.
The IPC dragged an increase of 8.8% in the first two months of 2022 and accumulates a jump of 52.3% in the last 12 months.
“I promise that on Friday (next) another war will begin, the war against inflation in Argentina. We will put an end to the speculators and we will put things in order,” President Alberto Fernández said this Tuesday in a public act, alluding to official announcements that are expected for that date.
Russia’s invasion of Ukraine has overheated world commodity prices, hitting the country’s economy hard as it struggles with strong annualized inflation. The war conflict “is already having an impact on prices in Argentina”, Economy Minister Martín Guzmán said in Congress where he explained the recent agreement with the International Monetary Fund (IMF).
Argentina seeks to finalize an understanding with the IMF to refinance a debt of some 45,000 million dollars amid political tensions within the government coalition.
Source: Ambito
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