Thus, In the first eight months of the year, inflation accumulated 56.4%, while in the last twelve months, the year-on-year rise reached 77%, the highest value since 1991.
In this framework, the report warned that so that inflation in 2022 does not exceed 90%, from now on the monthly price rise should not exceed 4.9%. And he added that, if inflation were 6% per month for the rest of the year, 2022 would end with an accumulated inflation of 97.4%”.
Food and beverages was once again the division with the highest increases in August, with a monthly increase of 8.1%. While in the last twelve months, food products rose 90.4% year-on-year.
In the eighth month of the year, food increases were explained particularly by seasonal factors such as vegetables (19.8%) and fruits (13.3%), followed by bread and cereals (11.1%) and alcoholic beverages (9.2 %).
Meanwhile, in the last year, the most notable rises in food occurred in oils and fats (124.3%, highly influenced by the rise in international prices of oils derived from the war between Russia and Ukraine, both regions that produce oilseeds), vegetables (119.4%) and bread and cereals (117.6%, also highly influenced by the rise in wheat at the international level which, however, began to subside in recent months).
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outside of food, Other items with notable increases were Other goods and services (7.3%, due to increases in tobacco and personal hygiene products), Clothing and footwear (6.5%) and Recreation and culture 6.4%).
Transport rose 6%, driven by the increase in the collective in the AMBA and gasoline. Education was the item with the lowest increases (2.6%, in a month that does not usually have large seasonal increases, which are concentrated in March and July).
In this framework, the general director of the CCD and former Minister of Education of the Nation, Nicholas Trottaexplained that “among the causes of the general rise in prices, it is pointed out that, although August showed a stabilization and improvement in the financial prices of the dollar, The high inflation was caused by the high drag derived from July and also by the rise in various regulated products such as public services, prepaid and highly seasonal food.
“We see that inflation continues to be the main problem in society, especially for workers who are losing purchasing power in the most basic things such as food,” he stressed.
Market forecasts 95% for all of 2022
The financial market worsened the inflation projection for 2022 on Friday, and already places it at 95%, according to the Market Expectations Survey (REM) for August 2022, published by the Central Bank.
Market analysts projected that retail inflation for the current year will be 4.8 percentage points —pp— above the forecast of the previous survey.
Regarding core inflation, those who participated in the REM predicted that it would reach 94.9% yoy at the end of 2022 (4.4 pp higher than the last survey).
Likewise, the REM participants revised the inflation forecasts for 2023, placing it at 84.1% yoy (7.6 pp more than the previous REM) and for 2024 at 63.1% yoy (3.1 pp higher than the previous survey). .
Source: Ambito
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