Argentina’s president says consumer price hikes are slowing and that he “is convinced” battle against inflation will be won.
batimes.com.ar
March 11, 2024
Argentina’s president says consumer price hikes are slowing and that he “is convinced” battle against inflation will be won.
PRESIDENT JAVIER MILEI. | BLOOMBERG
President Javier Milei anticipated Sunday night that March’s inflation rate will be"very complicated," though he is confident there will be a slowing the following month.
"March is going to be very complicated because it has a very heavy issue of seasonality, but I do not rule out that in April there will be a sharp drop in inflation," said the head of state during a television interview.
Milei said that inflation in February would come in at around 15 percent, which he said would be a good figure after rates of 25.5 percent seen in December and 20.9 percent in January.
"Inflation is collapsing," he said, arguing that price hikes were slowing at a rate “which is faster than during convertibility.”
The La Libertad Avanza leader admitted, however, that in the first week of March there was an acceleration of food prices. He said seasonal factors were behind the rise.
Increases in food and non-alcoholic beverages were “less than in the first week of February, which was less than in January – in the first week it always goes up," the president sid.
Milei said he is confident he has the support of Argentines.
“Seventy percent of people are convinced that we are going to defeat inflation. Eighty percent believe we will do it in a year and 20 percent believe it will take longer," he claimed.
anecdotally, i see Peso prices stable the past 2 months. has this ever happened, in recent years??
some research, from my post almost exactly 2 months ago in italics, with current prices (based on 927 ARS/Dollar credit card, and divided as needed for equal amounts of the product) from Jumbo.com.ar and Carrefour.com.ar and Coto in bold:
1. Pita bread (250 g, or seven medium pieces) 1200 Pesos ($1.18) -690 Pesos ($0.75)
for some reason this week, bread is higher in price, milk went up about 60 cents/liter (and fresh milk is less available in Cordoba Province for me), Capuchinalettuce is more expensive along much most lettuce types, onions went from being almost free to still-cheap-as-hell, but this wasn't the case last week (no comparison is perfect; i'm doing my best for you guys!). regardless, must be Milei's fault that overall food prices are stable for 2 months now, right?? as i posted for all of January about Bife Ancho:
1,162.25 tracking, i got 1,161.76 with my Chase Visa...interesting that it's slightly different. today's MEP rate:
www.expatsba.com
...costs of 5500 Pesos ($4.85 USD per kilo of Bife Ancho, then) have been relatively stable for about 2.5 months now, which was NOT the case when i got to Argentina in November (prices were going up in Pesos every 1-2 days, for most items). so now, Bife Ancho is 5849.90 Pesos/kg (so for Locals/Pesos, the price hasn't changed much, but for Dollars is has increased a little to $6.31/kg). https://www.cotodigital3.com.ar/sitios/cdigi/producto/-bife-ancho-x-kg/_/A-00041385-00041385-200
so, 5500 to 5850 Pesos for the same cut of beef, 2.5 months later (early Jan to mid-Mar). anyone think that was the case? just one example, but if you read the Peronists on this forum and Reddit, you'd think Bife Ancho would cost 18,000 Pesos right now.
anecdotally, i see Peso prices stable the past 2 months. has this ever happened, in recent years??
some research, from my post almost exactly 2 months ago in italics, with current prices (based on 927 ARS/Dollar credit card, and divided as needed for equal amounts of the product) from Jumbo.com.ar and Carrefour.com.ar and Coto in bold:
1. Pita bread (250 g, or seven medium pieces) 1200 Pesos ($1.18) -690 Pesos ($0.75)
for some reason this week, bread is higher in price, milk went up about 60 cents/liter (and fresh milk is less available in Cordoba Province for me), Capuchinalettuce is more expensive along much most lettuce types, onions went from being almost free to still-cheap-as-hell, but this wasn't the case last week (no comparison is perfect; i'm doing my best for you guys!). regardless, must be Milei's fault that overall food prices are stable for 2 months now, right?? as i posted for all of January about Bife Ancho:
1,162.25 tracking, i got 1,161.76 with my Chase Visa...interesting that it's slightly different. today's MEP rate:
www.expatsba.com
...costs of 5500 Pesos ($4.85 USD per kilo of Bife Ancho, then) have been relatively stable for about 2.5 months now, which was NOT the case when i got to Argentina in November (prices were going up in Pesos every 1-2 days, for most items). so now, Bife Ancho is 5849.90 Pesos/kg (so for Locals/Pesos, the price hasn't changed much, but for Dollars is has increased a little to $6.31/kg). https://www.cotodigital3.com.ar/sitios/cdigi/producto/-bife-ancho-x-kg/_/A-00041385-00041385-200
so, 5500 to 5850 Pesos for the same cut of beef, 2.5 months later (early Jan to mid-Mar). anyone think that was the case? just one example, but if you read the Peronists on this forum and Reddit, you'd think Bife Ancho would cost 18,000 Pesos right now.
You seem to be arguing only against yourself that prices aren't going up. Heck even Milei is admitting food prices are going up. You seem to be selecting a basket of goods that might not have much increase. I don't know but my total grocery bill keeps going up each month. Not only that but transportation costs, education costs, utilities, healthcare, and just about everything else. My prepago has gone up 300% since a few months ago. 200% in USD terms.
Actually inflation is slowing down. This is the 2nd month in a row it is slowing down. I would guess that blue rate will fluctuate but today it went up. Over the long haul I would rather own USD vs. pesos. It has always worked out better holding dollars.
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