An Argentine appeals court threw out the fines that Domestic Trade Secretary Guillermo Moreno had slapped on private firms that issued inflation estimates that were much higher than the government’s official rate.
Argentina reported exports of 48.418 tons of seafood in the first two months of the year equivalent to 140.8 million dollars, which is 8.2% less than the same period a year ago, mainly because of lower prices.
Argentina’s GDP expanded 1.9%, following an increase of 2.1% in the last quarter of 2012, compared to the 8.9% of 2011, according to the official but questioned national stats office Indec release on Friday.
Argentine consumer prices rose 0.5% in February, the smallest gain since June 2009, after supermarkets and home appliance retailers agreed to freeze prices for sixty days, according to the government’s much questioned stats office, Indec.
Officials from the International Monetary Fund and the World Bank arrived in Argentina on Tuesday to evaluate the country's financial system as part of checkups agreed among Group of 20 nations, according to a report from the official state news agency, Telam.
Argentina became the first country censured by the International Monetary Fund for not sharing accurate data on inflation and economic growth under a procedure that can end in expulsion. The declaration of censure was adopted Friday by the IMF 24-member board of directors and even if it doesn’t have immediate effects, the decision takes the country a step closer to sanctions that include barred access to IMF loans.
A third of Argentines have difficulties to face monthly costs because of inflation and lagging salaries, and 11% admit to “many difficulties” according to the latest Poliarquía public opinion poll released this week.
Argentina is the country with the world’s fourth highest inflation, behind Sudan, South Sudan and Byelorussia, according to a report from a leading Argentine bank from the City of Buenos Aires.
More bad publicity for Argentina’s official Stats office, Indec: not only are the institution’s releases on inflation taken lightly or ignored by a majority of Argentines and openly questioned by the International Monetary Fund, now the head of the office was caught driving under the influence of alcohol.
The International Monetary Fund ratified on Thursday that “on December 17” it will assess the “quality of Argentine statistics, particularly those referred to inflation”, an issue over which it had already warned the administration of President Cristina Fernandez.