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ECONOMY | 15-05-2019 17:31

Government boosted as official data shows inflation slowed to 3.4% in April

Rate of price increases slows after accelerations in February and March. INDEC reveals prices have risen by 55.8% over last 12 months.

The INDEC national statistics bureau has revealed that its Consumer Price Index (CPI) recorded a 3.4 percent increase last month, revealing that inflation slowed from March to April.

The news will come as a boost to the government, which needs to get a handle on price rises ahead of a crucial election in October. Its the first deceleration in the pace of inflation this year, coming in lower than figures registered in March (4.7 percent) and February (3.8 percent), but higher than January (2.9 percent).

INDEC indicated that inflation in April was 3.4 percent, pushing the accumulated figure for the first four months of 2019 to 15.6 percent. Prices have increased by 55.8 percent over the last 12 months alone.

The figure was lower than the expectations of most analysts, who predicted four percent, and comes after the government froze the prices of dozens of goods and the price of utilities in a bid to boost President Mauricio Macri's chances of re-election. The measures, justified by officials as assistance to Argentines who have suffered a brutal recession for two years, may help tip the balance in Cambiemos' favour.

The leading increases for April were registered in clothing and footwear (up 6.2 percent), household equipment and maintenance (4.6 percent), and transportation (4.4 percent).

Central Bank chief Guido Sandleris was due to speak to the press this evening to address the figures. He has tightened monetary policy four times since mid-March to try to tamp down inflation.

- TIMES/AFP/BLOOMBERG

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