In the first ten months of the year inflation accumulated 77.2%. In the last twelve months, the year-on-year rise reached 88.7%. In both cases these are the highest records since 1991UMET said. For the director general of the CCD and former Minister of Education of the Nation, Nicolás Trotta, “these new inflation data continue to reflect the urgent need to generate a consensus among all productive sectors and workers.”
“Although there is a work order that has been established from the Ministry of Economy, it is necessary that there are more immediate results to prevent Argentine workers from continuing to lose purchasing power and become the adjustment variable,” said Trotta, and considered that the management “It must move faster in social integration to ensure that all citizens can meet their basic needs.”
Furthermore, the report highlights that “So that inflation in 2022 does not exceed 100%, from now on monthly inflation should not increase above 6%. If it continued at 6.7% per month for the remainder of the year, 2022 would have ended with a cost of living of 101.7%”.
The IET specialists separate the different increases by sector and explain that “inflation in October was driven by Education (+9.7%) and Health (+8.2%)“. In the first case, the increases in the fees of privately managed formal education establishments had an impact, while in the second those of prepaid (+11.5%) and medicines (+5%).” “Food and beverages, the division with the greatest weight in the basket, climbed 6.6%. The biggest rises occurred in fruits (+14.4%) and vegetables (+9.7%, particularly standing out potatoes, which doubled their price in the last three months)”the report detailed.
The coordinator of the IET, Fabián Amico, specified the causes and the current situation of the movement of prices. “The segment of prices regulated by the government, such as private education and Prepaid and medicines, is beginning to have a greater incidence. Also homes, due to increases in electricity and gas rates. In food and beverages, the rise was due to increases in fruits and vegetables due to supply problems related to weather conditions.
However, in food, international conditions continue to have weight. For example, the international prices of wheat and corn increased 15.5% and 14.1% respectively in September and naturally begins to have an impact again, even with some lag, on the internal prices of foods that are used directly or indirectly by some of those products as inputs. In addition, this effect is amplified because the official exchange rate is accelerating its monthly adjustment rate, currently approaching 6.5% per month,” he specified.
Source: Ambito
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