Inflation in November was 3.2% This is above private and government expectations, but it is expected to mark the beginning of a downward trend in the coming months, which will reflect more closely the central bank's monetary policy and recent tariff updates.
With the last number, Compared to last year, prices reflect an evolution of 48.5%, While accumulated so far this year reaches 43.9%. After the June peaks (3.7%) and September (6.5%), which broke the rate of price increases, November notes for the first time in a year that inflation figures fall continuously for two months.
In the penultimate year of the year, the increases were driven by health items (5.7%) and alcoholic beverages and tobacco (4.6%), respectively. November was characterized by the exchange rate relative to the rest of the year and the rise in gasoline prices, which subsequently offset losses of close to 3%.
The monetary program, with a plan of zero growth in the monetary base, aims to attract all the free pesos that are roaming the street, thereby reducing the pressure as much as possible on prices. A possible concern for December is a planned increase in the monetary base Where the center can distribute weights for up to 6% more than in existing inventory in November.
This option is required by agreement stand up With the IMF, that for seasonal reasons, Demand for money tends to increase at the end of the year Due to overlap of collecting aguinaldo and the beginning of vacations.