Monetary Policy Release, February 2023

The Board of the BCRA has kept the monetary policy rate unchanged and will continue playing a prudent role given the development of the inflation rate.

The monthly acceleration in the increase pace of the consumer price index (CPI) was mainly due to rises in seasonal prices (especially, vegetables and tourism) and regulated prices (especially, transport, gas and communication). In turn, the core inflation—which exhibits the trend performance of the general level of prices—was comparable to that recorded in December (5.4%, up 0.1 percentage points).

This way, interest rates remain positive in real terms, ensuring protection for savings in pesos, keeping an anchor on foreign exchange rate expectations and favoring the disinflation process.

The BCRA will keep on monitoring the development of the general level of prices and the forex market dynamics to calibrate the interest rate and liquidity management policies.

February 16, 2023

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