After much speculation and projections, finally the INDEC (National Institute of Statistics and Censuses) revealed that during 2022, the country reached a inflation cumulative of 94.8%.
After adding a price index of 5.1% in December, the inflation 2022 becomes the highest in the last 32 years, so the Government has an enormous challenge ahead of it to maintain the 60% ceiling that it projected for this year.
According to INDEC, the division with the most increases over the inflation December was restaurants and hotels, with an increase of 7.2%followed by alcoholic beverages and tobacco with 7.1%.
Likewise, household equipment and maintenance (5.9%), transportation (5.8%), various goods and services (5.7%), and health (5.7%) were above the general index. Regarding food and non-alcoholic beverages, the item with the highest incidence every month throughout the country, was 4.7%.
INDEC also highlighted that the price index was not homogeneous in all regions of the country, since some remained above the general average, including the Northeast, with 96%, Greater Buenos Aires, with 95.2 %, and the Northwest, with 95.1%.
In this way, the government of Alberto Fernández accumulates a inflation 300% during three years of management, a figure even higher than that added by his predecessor Mauricio Macri in four years of administration, which was 295.7%. In other words, if the projections of reaching 60% of inflation in 2023, the president will accumulate a price increase of 540%.
With an accumulated annual figure of 94.8%, Argentina is consolidated as the second country with the inflation highest in the region, behind Venezuela, which closed last year with an increase of 305.7%.
Sergio Massa said that inflation is “on the way down but it is not enough”
After knowing the data of price index December and all of 2022, the Minister of Economy, Sergio Massa, stated: “The inflation It is neither more nor less than the fever of a sick economy and The challenge that we all have, I as the main person in charge, but all Argentines, is to encourage us to lower the fever and face this disease in which we repeatedly falland that requires fiscal order, it requires discipline, teamwork.”
He also expressed: “Knowing that the December number shows that we have traveled a downward path but it is not enough, I want to invite everyone that we can continue down this path, which started at 7.5%” ; and he underlined “Hopefully we all have the eggs well laid in Argentina to face the inflation and grow our economy.
