The Super Cepo outshined the Budget

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The Super Cepo outshined the Budget

Third week
September 2020

In another country this weekly editorial would inevitably be about the Budget. The Bill was presented last week. It has a realistic activity expectation, a too-high deficit, and a stubbornly low inflation that underestimates revenues. This in turn gives us some hope that the deficit might be lower as more realistic inflation dilutes some expenditures. The Budget also has implicit increases in utilities, which makes it even less likely for inflation to close the year at the 29%-mark set.