Consumer prices (CPI) increased 7.8% in May 2023 compared to April and 114.2% year-on-year. They accumulated a rise of 42.2% in the first five months of the year, according to INDEC.
Expectations
The inflation data for May was below the projections of market consultants. In the Survey of Market Expectations (REM) of the Central Bank, analysts had estimated monthly inflation of 9.0 percent.
However, the report indicated that the various high-frequency indicators of wholesale and retail prices monitored by the BCRA, as well as the CPI of the Autonomous City of Buenos Aires (7.5% increase in May) showed that the number was below 8.4% in April.
REM analysts estimated a inflation for the whole year of 148.9% year-on-year. Those who best predicted this variable in the short term (TOP-10) expect inflation of 147.4% yoy for 2023.
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