Argentina has three annual inflation estimates: 9.9%; 23.96% and 30%
Argentina's government reported Friday that consumer prices rose by 0.7% in June. The estimate, published by national statistics agency, Indec, indicates that in the first half of 2012 inflation reached 5.1% and 9.9% in the last twelve months.
However Indec economic data have been suspect ever since a staff shake-up at the agency in early 2007 saw long-serving professional civil servants replaced by political appointees.
Last year, President Cristina Fernandez government levied heavy fines, and in some cases criminal charges, against several economists for publishing inflation estimates that were significantly higher than what Indec reports.
On Thursday, opposition congressmen released a monthly survey of inflation estimates provided by private-sector research firms showing that consumer prices rose 1.63% on the month in June, and were up 23.96% on the year, according to the average estimate of more than 10 contributors.
The members of the Freedom of Expression committee from the Lower House of Congress said that “inflation remains the central problem of the Argentine economy.
“Every month more and more entities, government offices and provinces request the information among which even the Ministry of Economy”, revealed lawmaker Patricia Bullrich.
Another lawmaker Ricardo Gil Lavedra said that the monthly release is to make public the censored inflation index, “which the government is capriciously intent in covering up”.
The average forecast in the central bank's survey for the month-on-month rise in Indec's CPI was 1.1%.
The Cristina Fernandez administration has made economic growth its top priority even as inflation causes increasingly serious distortions throughout the economy. Indeed, government officials almost never even mention the word inflation out of fear that Argentines will react adversely to this.
Still, businesses are under pressure from rising materials costs and double-digit wage increases demanded by the country's heavily unionized work force.
In a worrisome sign, 12-month inflation expectations held steady at 30% for a fourth consecutive month in a closely followed monthly survey published in June by the respected Torcuato Di Tella University.
Many economists say Argentina has entered into a period of stagflation, in which economic growth is slow or nonexistent while prices continue to rise at a quick clip. Others say the economy is already in a recession.
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Christmas will be a joyful season for us with Dollars in our pockets...
You all keep telling us that your Latino blooded macho Argentina is about to fuck the UK when you know that the truth is that you can't even get it up.
Chuckle chuckle chuckle chuckle!!!!
Have you no shame!
CFK, of course, will have millions of greenbacks already packed in the suitcases. Boudou will be in a similar situation but with less. Timerman only has about $1.5 million so can probably trot off with that if he wears a long overcoat with extra pockets. When they run, will it be called 'capital flight'?
Lemons from Argentina are sprayed with toxic and dangerous chemicals that cause cancer and nerve damage and injected with artificial yellow coloring because the soil in Argentina is so depleted of minerals in that the lemons grow white on the trees and have no flavor.
Industrial products such as tools, automobiles, machinery and appliances from Argentina are the worst and poorest quality in the world. Even the chinese won't buy them. There is no industrial standard, they use the lowest quality raw materials and no testing is done before they are shipped. This has caused people to be injured by unsafe products, many people have been electrocuted by Argentine washing machines and hot water heaters that leave the factory with short circuits.
All countries should completely avoid ALL Argentine products permanently.
Article about Argentina signing a military cooperation agreement with Venezuela, these people are looking to start a war.
www.buenosairesherald.com/article/105945/argentina-venezuela-to-sign-military-agreement
Did you hear about the new “militant” movement that Kirchners are starting that will make “La Cámpora” look like a group of kids in nursery school? It's called “Vatayon”, it's a Kirchner backed group that goes into the prisons of Argentina to recruit supporters for their political movement.
www.facebook.com/#!/vatayonmilitante
Good to see that even BK is acknowledging that Argentina is up shit creek without a paddle.
Peso=Austral
Hyperinflation is just around the corner.
Our badly needed Dollars will be gladly accepted by those who have been placed into financial ruin my CFK's mismanagement. They'll be happy.
For me, I plan on taking empty suitcases to BA and returning with all my Christmas shopping done. (By the way BK, see my followup post about your favorite queen being serviced at the doggie love hotel in Brazil...) VIVA the witch bitch... she'd making my upcoming skiing holiday and Christmas shopping so more affordable.
Come on now, 3 inflation rates. Seems like even the inflation rate is suffering from inflation. BK, get yourself a new leader instead of trying to defend the disastrous and indefensible Cristina.
What's the best way to get the most “spend” out of my dollars when next in Argentina? I expect that if I find the right buyer/ trader they'll be very keen to do business with me. We'll make a trip over there before Christmas. Where would be best? We often go to either BA or Bariloche via Puerto Montt or we sometimes pop over the border down in Patagonia. Where will I find the most desperate people offering the best bargains?
As for BK; you do realise he is a pro-Falklands shit stirrer don't you?
I wouldn't worry about a paltry 30%. By the end of the year this could very easily be 40% or more due to the self-fulfilling promise scenario.
Once an economy gets to 30%, the sky is the limit unless drastic and effective measures are taken and adhered to by all parties.
That leaves Argentina even deeper in the mire, can you imagine any sector of the Argies adhering to any rules set by another sector or the government?
I believe that the last time we had a similar situation to this one, it ended in the “Rodrigazo” with 160% hyperinflation.
Sadly I don't see any way out for us at this time. I think that Kretina has left it too late to take remedial action, or even mitigational action.
Thank you Simon68 for your comments.
I was going to put 'almost an exponential rate of rise curve' but thought the usual suspects (not people of your calibre) would not understand it.
But I agree TMBOA may well have left it too late, but why will she care when helicoptered off to her private jet bound for the States?
What a complete load of crap.
You are very jabberer in the dark about matters.
Which American Dream group are you from ?
Jailed or not jailed !
Let me explain what does it mean ...
The USA has the largest prison population in the world per capita and the highest rate of incarceration .One out of every 132 Americans behind the bars.
Not all prisons run by are run by state.Those privately run prisons make profit when the people put into jail,so they support laws that improve incarceration.
Now ! Would you tell us which group are you from ?
profitable or notprofitable.
Easy, she's a diva queen who deserves the best of everything and knows how to get it, I don't begrudge it because left politics are NOT the politics of envy. As long as she fights for the poor we will support her. And I personally love her style, she's so chic =)
#10 Conqueror, we are agreed!
Ah, but as obi one ken obi said,
[There is another] lol
.
16 Pirat-Hunter (#) is an absolute idiot, one of the best Patagonian Supermarket chains, La Anónima, sells export quality meat (at export quality prices!!!) which is very much better in flavour and texture than their local produce.
That said, the local Patagonian beef, which is still all naturally fed, is excelent if a little tougher than export quality.
I know an abattoir owner in Argentina who has to wait for the phone call to tell her to whom she is allowed to sell the beef and at what price. No free market there and the usual 'fees' have to be paid.
That's fine, she can look “Chic” if she wants but why does she always buy foreign stuff? Shouldn't she support home grown industry like she says? La Martina makes some very nice clothes, just surprised that she doesn't actually practice what she preaches.
@9 Yankeeboy
First reports from inside Argentina saying that they have now gone into recession (two negative quarters of growth) this weekend. Also, 20 trains have been taken off the subte (. Metrovías have said that they can no longer afford the service the trains and keep up any maintenance repairs as they have no money. Trains will also now run less frequently to converse cash.
Their only solution is to print $. I am surprised she is holding off so long. I am not sure why but soon it will become apparent.
Maybe she is waiting for the first signs of the peso collapse or general riots, CFK tends to act only under duress.
I think riots are imminent, garbage in the streets, subways over capacity, police on strike, major union continuing to threaten, BA province employees not getting paid on time...all of this is coming to something and soon. One Apagon and it is probably all over for her.
I can't wait! It is getting very exciting!
I got stuck in TDF one time for a couple days but I was on vacation for 5 yrs so it didn't really matter. When I have friends traveling I always warn them if they go to one of the remote provinces there is a chance they can get stuck so leave yourself a few days cushion just in case.
#28 Thanks to Cristina's enemies. She retook control and the initiative that time, and will again =)
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