Argentina’s Consumer Price Index rose 5.2% in May

RIO DE JANEIRO, BRAZIL – Argentina’s Consumer Price Index (CPI) would have registered an increase of 5.2% in the fifth month of 2022, after the general level of 6% reached in April, according to the median of a Reuters poll.

Projections among 15 local and foreign analysts also yielded an average advance of the same percentage for the May CPI.

“Although (May’s inflation) represents a deceleration in the monthly variation, this must be weighed against an annual inflation that continues to grow, and that would close the year above 70%,” said Eugenio Marí, chief economist of Libertad y Progreso.

According to data from the National Institute of Statistics and Census (INDEC), in March, the South American country registered the highest CPI this year with 6.7%.

“March was the month of the highest inflation we expect for the whole year”, said the Minister of Economy, Martín Guzmán recently, in radio statements.

The latest Market Expectations survey of the Argentine Central Bank raised the inflation forecast for 2022 to 72.6% from 65.1% in the previous survey.

The estimates of the analysts consulted ranged from a minimum advance of 4.7% to a maximum of 5.6% for the CPI for the fifth month of the year.

“We see a May with a lower inflation rate than April,” Guzman added.

According to its publication schedule, the National Institute of Statistics and Census (INDEC) is expected to release the official CPI data for May this Tuesday afternoon.

With information from Reuters