The rest of the items showed an acceleration compared to the previous month, with the exception of Home equipment and maintenance, which remained at the same level.
Particularly noteworthy were the jumps in Clothing (from 3.4% to 10.9%) and in the category related to public services (from 2.8% to 7.7%).
The figure for March was well above the estimates of the private sector, which had forecast an increase of 5.5% according to the latest Survey of Market Expectations (REM) of the Central Bank (BCRA).
Likewise, the financial entities and consultants that participated in the REM projected a price increase of 59.2% for all of 2022. However, the number could fall short; If the increases between now and the end of the year stabilize at an average level of 4%, the accumulated inflation would be around 65%.
Meanwhile, after focusing anti-inflationary policy almost exclusively on instruments such as Maximum Prices or Care Prices, the Government began to throw the ball at the Ministry of Economy. The Secretary of Domestic Trade, Robert Felettiassured that “controlling inflation is the task of the macroeconomy” and warned that if the head of the Treasury Palace does not take measures “this is going to get ugly.”
For his part, the minister Martin Guzman He did not escape responsibility by reaffirming that inflation is going to be reduced “with macroeconomic policy” and “with an economic program that already exists”, although he maintained that “clear political support is needed” for said program to limit uncertainty.
Guzmán’s plan aims, as reflected in the agreement with the International Monetary Fund (IMF), to strengthen reserves through increased exports and reduce dependence on monetary issuance to finance the fiscal deficit
In addition, it highlights the contribution of price agreements to coordinate expectations. In this sense, the Executive Branch is already summoning the links of the mass consumption marketing chain -supermarkets, wholesalers, warehouses- to ensure compliance with the measures.
DEVELOPING NEWS.-
Source: Ambito
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