In a recorded message from Quinta de Olivos, the president of the Argentine Republic, Alberto Fernandeztoday announced a battery of economic measures with which the Government intends to deal with the inflationary phenomenon in the country, a scourge that rose by 4.7% in February, according to INDEC data.
As a first point, President Alberto Fernandez praised the efforts of the deputies of the Nation who yesterday converted into law the agreement reached with the International Monetary Fund (IMF) for the refinancing of the 44,000 million dollar debt inherited from the Macrista Administration and congratulated all the political sectors that collaborated in project approval.
“I am very proud of this achievement. Never again will a president go into debt with the IMF behind the backs of Argentines”, he promised Alberto Fernandez. In this sense, he assured that with the approval of the agreement with the IMF the country will be able to “begin to order its priorities to focus on the fight against inflation”, a phenomenon that, in his opinion, is “multicausal”.
“To slow down inflation we must consolidate the reserves of the Central Bank (BCRA), promote national investment, improve public credit, strengthen national policies to encourage foreign investment, guarantee a public policy that allows stabilizing prices and improving income” , he specified.
To conclude your presentation, the National Executive requested the support of businessmen, trade unionists and social leaders in the country to consolidate a fair agreement that allows “preserving the stability of prices and wages of workers”in order to reduce the inflationary spiral that suffocates the Argentine population.
“We are sure that with a fair agreement we will be able to curb inflation and strengthen the purchasing power of our workers. However, we will not stop monitoring and controlling the prices of products and we will apply the supply law if necessary,” he said. Alberto Fernandez.
Inflation in Argentina
As we anticipated, during the month of February 2022, the interannual variation rate of the CPI (Consumer Price Index) in Argentina climbed to 52.3%which translates into an increase of 1.6% compared to the previous month.
In addition, the monthly rate of inflation reached 4.7%, almost two points more than in the month of January. Thus, the cumulative inflation rate for 2022 has already reached 8.8%as revealed in its latest report by the National Institute of Statistics and Censuses.