Argentina’s central bank held its benchmark seven-day interbank lending rate at 27.25% on Wednesday, the monetary authority said in a statement, amid an increase in inflation expectations and “mixed signals” in prices so far this year.
Consumer prices rose 1.9% in Argentina in September, government statistics agency Indec said on Thursday, pushing the nine-month inflation reading to 17.6%, above the upper band of the central bank’s target for the year.
Argentina’s annual rate of inflation was likely to have reached an annualized 42% through May, but should begin to slow in June with a return to growth also on the horizon, Finance Minister Alfonso Prat-Gay said in an address to investors in New York. The minister also said that for Argentina, Brazil's recession had a greater impact than Brexit.
Argentina’s economic activity index (EMAE), which is seen as a close proxy of GDP, fell 0.5% in April compared with the same month last year, according to data released by the government's stats office Indec. Nonetheless activity went up 0.6% in April compared to March.
Argentina's inflation in January climbed to 4.61% and 30.78% in the last twelve months according to the average from private consultants estimates which are released every month by opposition lawmakers in what is known as the 'Congressional index'.
Argentines expect an inflation of 30% for the next twelve months despite a slight deceleration in prices which consumers admit in some periods of the current year according to the findings from the Di Tella University.
Argentina's April industrial production rose 1.7% over the same month a year earlier with a big jump in automobile output and more modest gains in the production of building materials, government data showed on Friday.
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.