Tuesday, April 16, 2024

ECONOMY | 11-03-2024 14:29

'Very complicated': Milei warns inflation rate for March could be high

Argentina’s president says consumer price hikes are slowing and that he “is convinced” battle against inflation will be won.

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.



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