The government of Argentina has shared its views about the inflation print for February. They believe that the inflation print for February was very bad but they reaffirmed their commitment to bring the inflation down to 60%.
The Argentinian President has been struggling to control inflation in the country. Right now, the inflation in Argentina is among the highest in the world and is making it difficult for Argentina's consumers.
Overall, the inflation in the country reached 102.5% during February and was only last seen in 1991. This means that a 95% increase in prices took place during 2022 alone.
It appears that even the government is not trying to sugarcoat the recent inflation print. That's why they have clearly stated that the recent data was very bad and not expected at all.
According to the officials, the high inflation is due to the drought faced by the soy-producing areas. This has led to an increase in meat prices as well as telecommunication.
For now, the government can't control the price of these things, which is ultimately driving inflation higher.
With the presidential elections fast approaching in the country, it appears that the top priority of the current government will be to stabilize the prices.
Because as things stand right now, the popularity of the current President has plunged, and people are not happy at all. After all, inflation is running wild in the country and is in triple digits territory.
As things stand right now, the chances of achieving a 60% inflation target appear to be very far-fetched. After all, the current inflation rate is almost double the target set by Argentina's authorities.
If we look back, the only time the inflation rate crossed the 100% mark was when the country was dealing with hyperinflation. But it appears that Argentina's consumers are now reliving the 90s with a 102% inflation rate.