Monday, July 22, 2024

ECONOMY | 12-04-2022 13:52

Guzmán admits Argentina's March inflation figure will exceed 6%

Economy Minister Martín Guzmán admits that March inflation figure will definitely be greater than six percent.

Economy Minister Martín Guzmán has admitted that inflation in Argentina last month surpassed "over six percent," as he called on the ruling coalition to unite, provide "political support" and remove "uncertainty" facing the government.

Speaking in an interview with the C5N news channel, Guzmán anticipated that March's inflation figure, due to be announced this Wednesday by the INDEEC national statistics bureau, would be "the highest of the year."

"It is going to be the highest of the year, unfortunately. It is assumed that it will exceed six percent," Guzmán told journalist Gustavo Sylvestre.

Most private estimates have been speculating that the figure would easily surpass the 4.7 percent rise in prices recorded in February.

Addressing rumours of tension in the Frente de Todos coalition, the minister underlined that he had President Alberto Fernández's backing and called for his peers to issue "broad political support" for the government's economic policies.

"It is necessary that macroeconomic policy has broad political support and that there are no actions that generate uncertainty because we need to build credibility," said Guzmán, calling for "cohesion" from the different sectors of the ruling coalition.

Outlining his aims, the minister said that the government wanted to boost Central Bank reserves, support the productive sectors of the economy that generate reserves and reduce money printing to address the fiscal deficit. 

Quizzed about rumours he could be ousted in an upcoming Cabinet reshuffle, Guzmán said he had the president's backing and that Argentina is seeing "the recovery of work and employment."

At the same time, the minister also offered an olive branch to Domestic Trade Secretary Roberto Feletti, who criticised him harshly last week.

"I agree with Feletti that inflation should be attacked with a programme and that the actions carried out by the secretary are complementary," said the minister.

Regarding the use of tools to alleviate the impact of price rises, Guzmán stressed the intention that "salaries should outpace inflation."



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