You heard it on No Te Duermas
CABA. In the second part of the column, Darío Banga emphasized the situation of the restrictions and the inflation rates that were announced in the Federal Capital.
Tomás Modini
@ModiniTomas
The situation with the possible removal of the cepo
In the second part of the radio program’s economic and financial column, Darío Banga explained: “As for the cepo, it is as if you had an animal locked up all the time and you say that if there is a hurricane it will be saved. But it does so because it was locked up and it does not have to be like that. It must be released so that it can have a normal life and the same thing happens in the economy. Argentina is locked up in the cepo but the cepo is not productive for the economy, especially the financial one, anywhere in the world.”
“The healthy thing would be that the cepo could be released but the problem is that it cannot be done because Argentina does not have dollars, that is the point,” he added.
The inflation rate of Capital Federal
On the other hand, the specialist referred to what is happening in CABA: “An important piece of news is that the inflation data for the City of Buenos Aires was released. The important thing about the 5.1 percent data for CABA is that it broke all expectations inflationary because before this number there are the private consulting firms that already closed the month of inflation before. The majority gave 4 percent, there is a difference of one point that is abysmal in the data and that is the important thing in the matter.”
“Even one marked 3.8 and the difference is a lot. It can be between 0.1 and 0.5 but one or two points is a lot. The general average is 4 percent and closer to down than up. This inflationary data for Capital is a terrible blow for Milei because in the government they are waiting for the number of 3. We have to see what INDEC says next week but there is a strong increase in medicines that increased 9.2 percent compared to June,” he detailed.
In line with this, he expressed that “these products in particular had a lot of variation. For example, the famous brand ibuprofen had an increase of 13 percent. Before, it was available for $9,900 and now they are selling it for $11,200” and that “after that, almost 10 percent for most medicines. And in the interannual evaluation, from July until now, there are some that had an increase of 400 percent.”
“These are medicines that are normally bought by older people and retirees and that they need. The increases are on average 400 percent and it directly affects the inflation index. We have to see what happens with the government and the INDEC next week,” he added.
The increases in CABA
In continuity with the analysis of the Federal Capital, he added: “They are not giving the numbers from the private consultants. In the City, in the health sector in general, there was an increase of almost 7.3 percent in what is prepaid and medicines. In July, what happened above all is recreation and culture for the winter vacations, such as plays, movies.”
“I think they will go for those two data because I think food will have a greater impact next month when the month of August is measured because there will be an increase in logistics, fuel, rent and services,” he said.
Before closing, he pointed out that “there was a strong component of increase in regulated items in the month of July that will impact the month of August. But I think that the month of July had an increase in many seasonal components due to the winter break.”
“I think that the government is worried about core inflation and thinks that it will be close to 2 percent. The reality is that the 5 percent of the Federal Capital is quite disappointing in this data,” he concluded.
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