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Thursday, October 6, 2022

After the inflation data, another hard data is expected on the cost of the basic basket

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The CBA and CBT have been alerting the seriousness of the national economy and realizing the effect of the soaring inflation.

The latest data in this regard, referring to June, showed that a family of four members, two adults and two children, needed more than 100,000 pesos to avoid being poor for the first time in history. At the same time, The Basic Food Basket, which establishes the indigence parameter, reached 46,525 pesos last month and at that time exceeded the value of the Minimum, Vital and Mobile Wage, which was $45,540.

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Beyond the fact that in August it was automatically updated to 47,850 pesos, this showed that it is not enough to support a family of four out of poverty.

As a result of this, a meeting of the Salary Council is scheduled for August 22 to define a new salary floor and update the amount referred to unemployment, with the aim of reducing the loss of purchasing power. The CBA and CBT are a reflection of the state of the economic situation and are used to determine the poverty and indigence line of the citizenry. The Basic Food Basket is limited to surveying basic necessities and configures the “line of indigence”.

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This index establishes that those families that do not manage to cover the necessary income to acquire it are indigent.

While the Total Basic Basket, in addition to food, includes other spending items such as clothing, health, transportation or education, and is used to determine the “poverty line”.

In addition, the INDEC will publish on Thursday the Wholesale Price Index System (SIPM) and the Construction Cost Index (ICC), corresponding to July.

These indicators will also provide a sample of the impact of inflation on the cost of living for Argentines.

Source: Ambito

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