Improving inflation as the electoral countdown begins

ARGENTINA - Report 20 Jun 2023 by Esteban Fernández Medrano

This Saturday, June 24, is the deadline to present the candidates for the primary elections. The extra-long weekend, which extends to today, should have given politicians time to ponder their propositions and options, particularly regarding whether Sergio Massa (SM) will or will not run as a presidential candidate for the government.

For the market, the worst electoral outcome is probably one that maintains the economic status quo. This makes SM's participation interesting because his economic views appear much less heterodox or populistic than those of Kirchnerists Wado de Pedro or Axel Kicillof.

The question that will be answered these days is whether a decline in inflation or a marginally better-than-expected Q1 GDP result to be published on Thursday might be enough for Massa to obtain Cristina Fernández de Kirchner's (CFK's) support, despite the prevailing economic risks, reflected in quickly dropping real money demand.

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