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35% drop in CABA and the province of Buenos Aires

35% drop in CABA and the province of Buenos Aires

The data comes from Banco Provincia de Consumo Index (IBP Consumo) which records consumption spending per customer with credit and debit cards and DNI Account, both in Buenos Aires territory and in the Autonomous City of Buenos Aires.

In it Buenos Aires Metropolitan Area (AMBA) the drop reached 38.3 percent. In the interior of Buenos Aires it reached 30 percent. The average is 35 percent.

Banco Provincia consumption drop.jpg

Bank province

The greatest impact was in the south of the suburbs, where there was a drop in consumption of 43.4 percent. In the City it was almost the same, 42.3 percent, and in the western part of the Greater Buenos Airesthe collapse reached 40%.

The report also divides the evolution of consumption by category. If you compare between March and April, The item that fell the most was digital purchases, with a reduction of 55 percent. Supermarkets and food had a significant drop of 21 percent. Meanwhile, fuel consumption contracted by 18 percent.

The reasons for the fall in consumption

He president of Banco Provincia, Juan Cuattromodirectly blamed the adjustment of the government of Javier Milei due to the abrupt drop in consumption. “This occurs in a context where inflation rose almost 110% between December and April and had a greater impact on private consumption, as a consequence of the current government’s contractionary fiscal and exchange rate policy and the greater increase in prices of prime goods. necessity,” he published in a thread on the social network

It didn’t stop there. “This brutal adjustment and the recessive policies of this government do not impact the caste or the political powers but in the middle classes and in the most vulnerable and defenseless sectors of society,” Cuattromo launched.

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In the report of Bank province Different reasons for the fall are listed, but in general they have to do with the recessive economic policy of the National Government. Among the causes, mention is made of salaries with little purchasing power and the incipient deterioration of social conditions.

Source: Ambito

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