The BCRA attributed the acceleration of inflation, among other factors, to the recomposition of prices.
The Central Bank considers that the excess issuance it incurred last year to alleviate the effects of the pandemic was not the cause of the acceleration in inflation in recent months. Instead, it promised to carry out “a prudent handling of monetary policy” to contribute to its gradual reduction.
In its latest Monetary Policy Report, a quarterly publication updated the day before yesterday, the entity led by Miguel Pesce considered that “the interannual inflation rate accelerated 10.2 percentage points, to 46.3%, influenced by factors such as price recovery relative of services, the recomposition of the margins of retail marketing in some sectors and the advance of the joint agreements; to which was added the incidence of the significant increase in the international prices of raw materials on the internal price of food ” . In any case, the text indicated that “inflation is expected to begin a process of gradual and sustained decline” and that the Central will contribute to this process from “the prudent management of monetary policy.”
According to the entity’s data, although assistance to the Treasury was abundant last year, the monetary base grew below inflation. The latest official data places it at $ 2.53 trillion, just 25% more than at the beginning of the pandemic.
Likewise, the report confirmed that the dollar will be one of the anchors to reduce the rise in prices.