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ECONOMY | 16-03-2023 15:13

Government admits 'unexpected' February inflation data is 'very bad'

Presidential spokeswoman Gabriela Cerruti acknowledged Thursday that the latest inflation data released on Tuesday by the INDEC national statistics bureau "is bad, very bad and was not what was expected."

Presidential spokeswoman Gabriela Cerruti acknowledged Thursday that the latest inflation data released on Tuesday by the INDEC national statistics bureau "is bad, very bad and was not what was expected."

Nevertheless, the government official said that the country's macroeconomic variables are "under control."

"The inflation figure is bad, very bad and also not what was expected," said Cerruti, who said the government would continue to enforce "its firm commitment to move forward in controlling prices, inflation, so that they go down."

INDEC reported this week that prices rose 6.6 percent this month, a worrying acceleration for the government. Over the last 12 months, according to official data, inflation totals 102.5 percent, with the annualised rate now hitting three digits for the first time in three decades.

Speaking at her weekly press conference at the Casa Rosada, the official said that "explanations" could be "offered" regarding the price increases, "but they are not excuses for those who have to go to the grocery store every day."

In this regard, she underlined the impact of a harsh drought on Argentina's agricultural producers and rises in meat and dairy prices. She also pointed the finger at telecommunications companies.

"The telephone, cable and web service companies continue to indiscriminately increase prices for users," Cerruti said.

She went on to criticise further: "The government cannot intervene because the courts do not allow it to do so due to the presentations of the big media, the owners of the companies. This price that influences daily life could be regulated by the state if the courts intervened and the media companies did not have any influence."

He also stressed that President Alberto Fernández and Economy Minister Sergio Massa, "are working together, side by side and have the same commitment so that this situation is solved as soon as possible."

 

– TIMES/PERFIL

 

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