March’s inflation rate, which was 7.7% according to the National Institute for Statistics and Census (INDEC), was “extremely high,” according to a communiqué released by Economic Planning Secretary Gabriel Rubinstein.

In the press release, Rubinstein highlighted “particular aspects” of this month’s inflation, running through a variety of sector increases which he said the government hoped would not be present the next month.

“That way, we hope for a decrease of a certain magnitude in the general index,” Rubinstein wrote, referring to April’s inflation rate.

However, April will see a new round of planned increases in electricity rates, together with increases in housekeeping services, buses, trains, private healthcare, and private schools.

Among the causes of this year’s inflation, Rubinstein named “the drought, the high temperatures, and the bird flu.”

“They generated the biggest impact on [the price of] fruits, vegetables, beef, chicken and eggs, which together increased by 2.1 percentage points in March’s inflation.”

Rubinstein also highlighted previously-expected seasonal increases —like regulated goods and services, education, fruit, clothing, and vegetables— as part of this month’s high inflation figures.

“We will keep trying to lower inflation, combining fiscal and monetary policies that keep being consistent with significantly lower inflation rates,” Rubinstein said. “We will combine that with income policies (agreements with companies and othes) that help to curb the inertial aspects of high inflation rates.”

Trade Secretary Matías Tombolini also chimed in. 

“The inflation figure that was made known today hurts us,” he said in a press conference. “Minister Massa, understanding that inflation is a multi-causal phenomenon, put together a clear roadmap anchored in fiscal order, reserve accumulation, and price programs.”

“However, we understand that this, so far, has not been enough.”

Tombolini also accused “price makers” (leading companies in their areas) of not complying with the Precios Justos (Fair Prices) price agreement. 

“We are going to strengthen the strictness in the control of price markers by working with municipalities and provinces, as we have been doing,” he said. Tombolini also announced a new price agreement with exporting companies which will facilitate their access to dollars at the official rate.

March’s 7.7% inflation index, announced earlier today, was the highest monthly figure since April 2002.

[Updated April 14th, 20:25 to include statements from Trade Secretary Matías Tombolini]