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Economy Minister Caputo Expects Monthly Inflation Below 5% In May

ARGENTINA
  • May CPI data will be released on Thursday, with analysts expecting the monthly rate of inflation to slow further, to 4.9% m/m, from 8.8% in April. Annual inflation is expected to drop by around 10pp to 279% y/y. Economy Minister Luis Caputo also said in an interview with LN+ that he thinks that prices probably rose less than 5% m/m last month, adding that the drop in inflation is fundamental for the recovery of the economy.
  • The CPI data follow last week’s BCRA expectations survey, which showed that economists expect inflation to end the year at 146.4% y/y, down 14.9%-points from the previous survey, while the economy is expected to contract by 3.8%.
  • Caputo also said that he thinks the economy turned the corner in May, noting that energy, mining, steel and auto sales showed signs of recovery last month. Meanwhile, he also urged congress to approve the government’s omnibus bill, ahead of the next debate in the Senate, which is due on Wednesday.
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