The National Institute of Statistics and Censuses (Indec) released on Thursday the official inflation data for the second month of the year. On a national scale, retail prices advanced a rise of Three, eight% in February and eight, 1% in the first two months , mainly due to increases in food and public services . In the NEA the rise was even higher and reached four, 5%, driven mainly by food and non-alcoholic beverages.
The prices do not give respite to the low wages of the Argentineans. Contrary to what President Mauricio Macri said in his opening speech to ordinary sessions of Congress, inflation is not receding, on the contrary it continues to accelerate. On a national scale it went from Three% in January to Three, eight% in February and already accumulates 6, eight% in the first two months which makes it almost a utopia to meet the annual projection of 23% expressed in the Budget. The analysts of private consultants already talk about a floor of forty%, which would make Macri’s mandate the highest inflation since the hyperinflation of the late 80’s and early 90’s.
In the NEA the situation is even more worrisome. February inflation in the region was four, 5% which pushed the bimonthly figure to eight, 1% and to fifty three, 5% year-on-year, driven mainly by the food item, the most significant in the consumption of the popular classes.
At a national level, the statistical entity specified that the item Food and non-alcoholic beverages exhibited an increase of 5.7% last month , while Housing, water, electricity, gas and other fuels rose by 6, four percent .
The increase in the first two months of the year was 6, eight percent . Food rose in the period by 9, Three%, while housing and fuels increased by 9.7 percent.
In the analysis by regions, the highest inflation was recorded in the provinces of the Northeast and Northwest, where it exceeded four percent .
The Indec discriminates according to categories of goods and services the variations of February with respect to the previous month.
In that sense, the increase of “Seasonal” (fruits, vegetables, outerwear, transport by tourism and accommodation and excursions) was rotten, 1.9% , while it reached four, 2% for the “Regulated” , these subject to regulation or have a high tax component: fuels for housing, electricity, water and sanitary services, health systems and ancillary services, public transportation of passengers, operation and maintenance of vehicles, mail, telephone, formal education and cigarettes and accessories.
Meanwhile, the “Core CPI” , which does not take into account “Seasonal” or “Regulated”, given its volatility, rose three, 9% , higher than the average rate and which shows that the inflationary phenomenon is persistent .
The highest inflation since 1991
The Consumer Price Index (CPI) accumulated an increase of fifty one, Three% in the last 12 months , the highest annual rate since 1991. In that year the annual rate reached eighty four percent.
Year-on-year inflation is a record again in the management of Change . The acceleration of prices is evident if it is observed that in January 2018 the monthly data was just 1, eight% with an interannual of 25 percent, and in the second month of last year it was 2, four% and 25, four% for the year.
A study by Ecolatina said that “the acceleration of inflation responded to several factors. In the first place, product of a demand that remains depressed and contracts that remain closed -without the possibility of immediately updating-, the transfer to prices of the 2018 dollar jumps is progressive “.
“This dynamic was added to the adjustment of Public Services tariffs and the increase of close to forty% in the wholesale price of meat , with an effect on both its retail price and that of substitute goods – chicken, pork, etc.”, said Ecolatina.
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