Prices in Argentina, unstoppable: the IPC scores the highest rise in three decades

Despite the control measures and the large number of prices set by the Peronist government, or precisely because of them, Argentina’s consumer price index (CPI) was recorded last April the biggest year-on-year rise in three decades.

According to the data published this Thursday by the National Institute of Statistics and Censuses (Indec), the rate of iyear-on-year inflation is already 58%which is the highest figure since January 1992, when the country, then governed by Carlos Menem (1989-1999), began to come out of one of its recurring periods of hyperinflation.

The intermonthly data also continues to shoot up: in April the rise was 6%, which means that in just 30 days Argentines have lost 6% of your purchasing power. In addition, with respect to the figure for March, which was the highest in the last 20 years, there has only been a drop of seven tenths.

It’s not the energy

Another interesting fact is that the sector that is experiencing the greatest increases is not energy, but rather food and non-alcoholic beverages that, highlighting the increases in oils, bread and cereals –between 8 and 15% depending on the region– and meat and dairy products –from 5 to 7%–. In fact, the price of food accumulates a rise of 28% so far this year.

Criticism of the Government and in the Government

The recrudescence of inflation is one of the central points of the conflict within the government and Peronism, divided between the supporters of the president, Alberto Fernandezand the vice president, Cristina Fernandez de Kirchner.

With a population that still remembers several hyperinflationary processes that destroyed the Argentine economy, the current extremely high rate of inflation is also one of the reasons why President Fernández’s popularity is at rock bottom, since with an approval rating of 17% he is the second most unpopular in all of Latin America, only behind that of Nicholas Maduro.

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