After the National Institute for Statistics and Census (INDEC, its Spanish acronym) published April’s record-breaking inflation figures today, Economy Vice Minister Gabriel Rubinstein said the numbers were “extremely high.”

April inflation was 8.4%, the highest monthly figure since April 2002. Meanwhile, year-on-year inflation hit 108.8% and the total inflation for the first four months of the year was 32%, according to the report published today.

In a statement, Rubinstein said that “seasonal goods” such as vegetables and clothing drove prices this month, the same way it happened in March. He also mentioned poultry, dairy products, sugar, bread, and cereals as products that drove the 8.4% monthly inflation.

“We also perceive that the exchange unrest in the financial dollar markets during the last part of the month drove preventive price increases in many products and services of our economy,” Rubinstein said, referring to the run against the peso from three weeks ago. 

En abril, el Índice de Precios al Consumidor (#IPC) subió un 8,4% respecto a marzo. El segmento de “estacionales” subió 12,6%, el de “regulados” 4,9%, y el IPC núcleo (sin regulados ni estacionales), subió 8,4%. pic.twitter.com/U9d1MEqaNz

— Secretaría de Política Económica (@Politicaecon_ar) May 12, 2023

“This will require a redoubling of efforts from the macroeconomy in order to implement policies to improve fiscal accounts, the accumulation of reserves and exchange rate stability, as well as to strengthen the income policy,” Rubinstein said. “All of this in order to achieve better results in the fight against inflation.”
Sources in the Economy Ministry told the Herald that Economy Minister Sergio Massa will hold work meetings tomorrow related to the published inflation figures. The sources also said that “measures” to fight the price hike will be announced over the weekend. However, no further details were given about these measures.