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Argentina Inflation February 2022

Argentina: Inflation increases in February

Consumer prices jumped 4.69% from the previous month in February, coming in above the 3.88% rise recorded in January. December’s result marked the most pronounced increase in 11 months. In February, the sharpest rises in prices were recorded for food and non-alcoholic beverages, transport and housing.

Inflation came in at 52.3% in February, up from January’s 50.7%. February’s reading represented the highest inflation rate since September 2021. Annual average inflation rose to 50.2% in February (January: 50.7%).

Commenting on the release, Lucila Barbeito and Diego W. Pereira, economic and policy researchers at JPM, stated:

“Over the last two weeks, we have started to recalibrate our baseline scenario amid the leap higher in key commodity prices. But the wide uncertainty on the path and levels for these prices persists. In all, the recent spike in commodities prices, together with the expected tariff increases would push inflation higher by 5.4%-points vis-à-vis our previous baseline scenario (pre-Russia-Ukraine crisis and pre-IMF program details). While we assume that the government will tighten price controls to limit pass-through of higher international prices into local prices in the short term (a rise in soybean oil and flour export taxes and new trust funds to subsidize domestic prices are under discussion), underlying inflation pressures will mount amid already high levels of repressed inflation.”

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