Government of Argentina ratifies 30 % inflation target for the first half of 2023

The Minister of Labor, Employment and Social Security of Argentina, Raquel “Kelly” Kismer de Olmos, assured yesterday, Monday, that the government maintains the 30 percent inflation target for the first half of the year.

The official indicated that the 6 percent price increase recorded last January does not make it impossible for the inflation target contemplated by the Executive to be met.

“We have had a difficult impact, in that sense, with January’s figure, but it does not mean that we cannot still meet our current goal of 30 percent inflation in the first half of the year”, said the minister in an interview to the local radio station “El Destape”.

“We have always said that we have to have that goal as a reference”, added the head of the Labor portfolio.

The 2023 Budget prepared by the Argentine Government and finally approved last November 16 by the Senate contemplates an inflation target of 60 percent for this year.

The inflation target was described as “realistic” by the Deputy Minister of Economy, Gabriel Rubinstein, who indicated that “by acting on (inflationary) inertia, and on margins, that is, by lowering the exchange rate gap, establishing agreements and other actions, we will be able to lower inflation from 90 to 60 percent”.

Argentina closed 2022 with 94.8 percent year-on-year inflation.

According to private analysts consulted by the Central Bank of Argentina (BCRA), the country could end the year with a 97.6 percent year-on-year price increase.

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