Martín Redrado said that “there is no serious program” to fight inflation

After the National Institute of Statistics and Census (INDEC) announced on Tuesday that inflation in May was 5.1%, which represents a 60.7% increase over the past 12 months, economist Martín Redrado criticized the national government for not having “a serious program“to address that problem.

First, the former president of the Central Bank downplayed the fact that monthly inflation fell from 6.7% in April to 5.1% in May. “He had a fever of 42 degrees and is now 39. The infection is the same, “she compared.

“There is no serious anti-inflation program which allows us to demonstrate that this will be permanent. Inflation is falling for the wrong reasons. The economy is cooling down because real wages are not growing, “he said in dialogue with TN.

And he concluded: “There is no plan in Argentina. First, there is no credible macroeconomic stabilization program and there is no political support either. That is, you have neither right nor left, and therefore it is very difficult to score goals in the Argentine economy. Today the disease is political and the symptoms are economic“.

On the other hand, noted that Alberto Fernández “is responsible for the successes or failures of economic policy“, since” the Minister of Economy is always functional to the President “.

Finally, he explained that, “beyond the political discourse”, there is “lack of credibility and which is perceived on the street “. In this sense, he affirmed that this context of crisis “stops with confidence”.

“The big debate must be given to Congress on laws that provide predictabilitywhich is what macroeconomics needs to generate more employment, more production and a horizon that we do not have today, “he concluded.

Later, he shared a snippet of the interview he gave on his official Twitter account TN and condemned: “Technical solvency and political strength are needed to get out of the crisis“.

INDEC has experienced record inflation on an annual basis since 1992

Inflation in May was 5.1%, the National Institute of Statistics and Census (INDEC) reported Tuesday when it announced the Consumer Price Index (CPI). The interannual variation thus reaches 60.7%.

With the May value, inflation is once again at cumulative year-over-year record: 60.7% is the highest figure recorded since 1992.

In the year it reaches 29.3%. Health (6.2) and transport (6.1) it was the rumors that increased the most in the monthly measurement. Meanwhile, the statistics agency explained the rise in health services in increases in advance installments and in those of mobility, in the rise of gas.

The clothes completed the podium with 5.8 per cent, in the “clothing and footwear” category.

According to the analysis of the Austral University, the data accumulated in 2022 also implies a new vote: 29.3% from January to May of this year is the highest ever recorded for the first five months since 1991as published by this house of studies in a joint report carried out by it with the consulting firm Romano Group.