President Mauricio Macri took some of his time at the podium during Argentina’s central event to commemorate Flag Day to assure the public that the country’s economy is getting back on its feet, and that a way to illustrate that will be the year’s low inflation rate — for Argentine standards at least — which he assured will be the “lowest since 2009.”
It’s fair to clarify that for the years previous to his presidency, Macri takes into account the rates published by the Congressional Price Index (IPC) rather than the ones from the government’s statistics agency Indec. This is because, during the Cristina Fernández de Kirchner administration, especially since then-Domestic Trade Secretary Guillermo Moreno was appointed to run it, the agency became wildly unreliable with few external organizations trusting the statistics.
In fact, the IMF issued a declaration of censorship because of this and stopped publishing data from the agency in 2013. It went back to doing so last year, after Macri revamped the agency, now lead by Jorge Todesca.
According to the Congressional rates, then, 2009’s annual inflation rate clocked in at 16.4 percent. Ever since, the lowest number was 23.3 percent, in 2013. Considering that the accumulated inflation for the first five months of the year is 10.5 percent, but especially that the rate is on the decline, this doesn’t seem like an impossible thing to achieve.
The president went on to say that the country “got back the jobs that were lost last year, and new opportunities are available every day.” He added that “these results have to help us renew our hope,” but clarified that he is “the first one to know that there’s still a long way to go.” “Together is how we will achieve that big, striving country that [Manuel] Belgrano [creator of the Argentine flag] dreamed of. That’s the Argentina we are building,” he finished.