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Argentine Managers’ inflation estimated in 3.27% in January; 21.1% in 12 months

Friday, February 17th 2012 - 03:42 UTC
Full article 38 comments

Another measurement of inflation in Argentina shows the annual rate sustained at two digits. In this case the CPE index, or Professional Executive Basket, during January 2012 was up 3.27%, accumulating in the last twelve months, 21.1%. Read full article

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  • ChrisR

    Given the dearth of comments from the Argies, it seems inflation approaching 25% is no longer news.

    I won't say I told you so, Ogaga.

    Feb 17th, 2012 - 10:48 am - Link - Report abuse 0
  • The Cestrian

    Oh dear, the falsification of economic data would always eventually catch up with the RG's. Do we know how Argentina is getting on with their 180 day IMF ultimatum to produce the real economic figures ie the proper ones rather than the made up ones?

    A litany of economic problems starting to surface for the RG's now.

    Feb 17th, 2012 - 12:27 pm - Link - Report abuse 0
  • GreekYoghurt

    Do you think the argentinian government paid that lady to look like she was shopping? I guess they want people to believe that they can still afford to buy things.

    Feb 17th, 2012 - 12:34 pm - Link - Report abuse 0
  • Teaboy2

    “Do we know how Argentina is getting on with their 180 day IMF ultimatum to produce the real economic figures ie the proper ones rather than the made up ones?” Yes they intend to produce fabricated ones and pass them of as true and accurate like they do everything else, such as their version of history. ;-)))

    Feb 17th, 2012 - 12:35 pm - Link - Report abuse 0
  • ManRod

    3,27% of inflation, respect...

    that's more inflation in one month than many of Arg's neighbours in a Year...

    Feb 17th, 2012 - 01:24 pm - Link - Report abuse 0
  • Idlehands

    Why are all the academics at CEMA not locked up in prison for grossly exaggerating the inflation figures in Argentina?

    The inflation rate is what Cristina Fernandez De Kirchner says it is. It has nothing to do with the price of goods in shops.

    Feb 17th, 2012 - 01:36 pm - Link - Report abuse 0
  • GreekYoghurt

    @6 I see you never studied basic economics then.

    Feb 17th, 2012 - 01:42 pm - Link - Report abuse 0
  • Idlehands

    It may surprise you to learn that my degree included economics and I am a qualified accountant in an investment bank.

    Read my comment again - but this time stuff your tongue in your cheek while you do it.

    Feb 17th, 2012 - 01:51 pm - Link - Report abuse 0
  • GreekYoghurt

    @6 I just read it again with my tongue in my cheek and now I can see exactly what you did there. I feel foolish.

    Feb 17th, 2012 - 02:01 pm - Link - Report abuse 0
  • yankeeboy

    Has it been 3 days without our loony latin posters? Maybe they decided a peso per post wasn't enough and they are on strike?

    So are they on track for 40% inflation this year? This doesn't even account for the import restrictions and the price hikes that should come in March or so or the 500% increase in Nat Gas this winter!!

    Feb 17th, 2012 - 02:14 pm - Link - Report abuse 0
  • Idlehands

    It has been odd that they are missing in action. Maybe CFK has blocked Mercopress in Argentina as a piratical treacherous anglocentric mouthpiece?

    ....or maybe they don't like recent news and are waiting for MP to bring them other news?

    Feb 17th, 2012 - 02:26 pm - Link - Report abuse 0
  • GreekYoghurt

    @11,10 Maybe they've exchanged duties with other government employees tasked with walking about shopping centres looking like they can afford to buy things.

    Feb 17th, 2012 - 03:05 pm - Link - Report abuse 0
  • Welsh Wizard

    Interesting, talking to the Argentineans I know they have told me that they don't have such a thing as inflation, its just that the prices of goods go up each month. I obviously told them that this is eaxctly what inflation is but they cunningly countered and told me that, because they don't have an economy based on capitalist greed, free markets and failed economics policies etc., it wasn't. They have a glorious economy based on the tennents of Peronism as, as such, they have managed to prefect the economic moel to such an extent that they have wiped out inflation almost totally (apart from the government approved inflation which Cristina could get rid of tomorrow if she wanted). I asked again if prices go up each month, they said yes. I pointed out that one could say that prices inflate each month, they said yes but they get paid more to cover these rises. I asked where all this would stop, were wage rises...No answer...

    Feb 17th, 2012 - 05:05 pm - Link - Report abuse 0
  • GreekYoghurt

    @13 Maoism, Kim Il sungism, Peronism... they're all based around a cult of personality and a huge amount of indoctrination. As a result of Mao's actions far upwards of 40'000'000 Chinese people perished, and yet in school they are taught that Mao was 60% right. That's like a German saying Hitler was only %60 right, except you could argue that Hitlers policies led to less deaths.

    The orwellian nature of these societies is such that the amount of contradictory information in their heads is massive. You ask a North Korean if they really believe that Kim Jong Il was born to triple rainbows and all manner of natural miracles on Mt Baekdu (He was really born in Russia) and they say 'yes'. If you ask an Argentinian if they are experiencing massive inflation and they will say 'no'.

    There are so many parallels between these societies from the nationalistic youth leagues, to the propaganda methodologies, and the fascination with maosoleums.

    Feb 17th, 2012 - 06:32 pm - Link - Report abuse 0
  • Xect

    Another most excellent reason why the Falkland islanders should be chomping at the bit to become Argentine.

    A taxi to the pub sir? That will be 14,0000000 peso.....

    I suppose its one way of making the deluded feel rich.

    Feb 17th, 2012 - 06:36 pm - Link - Report abuse 0
  • stick up your junta

    A taxi to the pub sir? That will be 14,0000000 peso.....

    Falkland pound? That'll do nicely, sir

    Feb 17th, 2012 - 06:59 pm - Link - Report abuse 0
  • yankeeboy

    Pharmacists are complaining they are running or have run out of stock of AIDS and cancer drugs due to the import restrictions.

    Ahh Peronism, Isolation it's wonderful concept, unless you're sick or a politician

    Feb 17th, 2012 - 07:11 pm - Link - Report abuse 0
  • Ari89

    weve got enought trouble as it is... no need for those remarks. we loony latinamericans as u call them are trying to survive. and yes i am one of them and i agree with this article... its the most truthfull number ive heard for a while so dont generalize ....some of us do realize and will not fall for lies. there is oposition that sees the truth and were doing the best we can. and this is not peronism.. i know peronism and believe its a whole lot more complex then ya think.

    Feb 17th, 2012 - 07:35 pm - Link - Report abuse 0
  • GreekYoghurt

    @18 Well, the three pillars of 'Peronism' are cult of celebrity around the leadership, social justice, economic independence, and political sovereignty. The pillars of 'Kim Il-sungism' are cult of celebrity around the leadership, social justice, economic independence and political sovereignty.... and military first policy. They both reject capitalism and Peronism rejects communism, although they have both led to corruption of the egalitarianism implied by social justice.

    Neither is very complex, and neither leads to a very successful economy or society.

    Feb 17th, 2012 - 08:02 pm - Link - Report abuse 0
  • Ari89

    ok... u just described de “basic” pilars of not only argentine and kim il sung but many other countries, theoriticly. now in practice WHOLE OTHER STORY. seroiusly did u just compare peronism with Kim?
    i am not for peronismo am actually quite the oposite but i repeat politics truly begin not in a theory but in the reality and hsitory of the country. politics in theory are sometimes even great but i repeat in practice...whole other business.... i wasnt directly speaking about the complexity of the ideology of peronism, thats not complex really u just have to study it. complex is the ppl, complex is history and truly knowing what that means. complex is truly understanding mentality, the unspoken words, complex is to understand what goes on in the minds of the ppl. not only in my country but world wide. complex is to understand what peronism truly means to ppl and how it is no longer is a party or an ideology it represents so much more than what the person did, it outweights him greatly. i understand the rules of goverment in china but that does mean i truly understand it? no... i dont. its way more complex... hope that what i meant to say is now clarified.

    Feb 17th, 2012 - 08:47 pm - Link - Report abuse 0
  • GreekYoghurt

    @20 Anyone who has studied comparative politics knows that most political theories based around the cult of personality have typical hallmarks. Peronism is a very simple political ideology having exactly the same hallmarks. Trying to pretend it is complex is just lunacy.

    FYI. Kim Il-sung is a Korean, not a Chinese.

    Feb 17th, 2012 - 08:59 pm - Link - Report abuse 0
  • FlechaAR.

    osthia hombre si seras . . obviuosly kim is korean it was just another separate random example.
    apperently i did not clarify what i meant... i was talking about the impact it has in society not politics itself.. society is complex, any society is complex, theories not so much. thats the only reason i commented, as in response of the generalization of us as a society not trying to explain peronism through the internet and in a post about an article i agree with. trying to explain that sometimes its hard to truly understand why society acts the way it does. its hard.. heck i live here and not truly understand it. please tell my point was clarified. i dont disgree with u were just talking about two diferent things.

    Feb 17th, 2012 - 09:24 pm - Link - Report abuse 0
  • GreekYoghurt

    @22 Again, Argentinian society is just like North Korean society. Argentina has a ruling elite who have converted their riches into foreign transferable currencies such as the dollar and prevent the untermenschen from doing the same, with export controls. North Korea is the same. Argentina and North Korea both have a cult of celebrity that includes typical hallmarks such as youth leagues where the youth are indoctrinated into an ideology. The Kirchner Youth League is just an extension of that.

    Having objectivity to a society helps you to see it from the outside in, including it's benefits and faults.

    Feb 17th, 2012 - 09:31 pm - Link - Report abuse 0
  • canadasales

    Comment removed by the editor.

    Feb 17th, 2012 - 09:54 pm - Link - Report abuse 0
  • GreekYoghurt

    @24 is that a transcript of Ban Ki-moons latest speech?

    Feb 17th, 2012 - 10:10 pm - Link - Report abuse 0
  • Teaboy2

    @25, no thats what CFK dreams about on a night, she calls out the name of the product she wants, and her assistant counts how many times to get a total. CFK then goes and spends 1,000's of USD on buying the same amount of them as the total amount of times she called out their name.

    She does the say for a face lift - She shouts out Plastic Face, Plastice Face, Plastice face repeatedly all night long lol.

    Feb 18th, 2012 - 08:19 am - Link - Report abuse 0
  • GreekYoghurt

    @26 I'm pretty sure that she dreams about bringing back Eternal Leader Nestor and Glorious Father of the Republic Peron, and combining their minds with hers to make a battle-droid called the Argietron-5000 that will allow them to take all of the Antarctic for themselves.

    KFC will not rest until the whole of Antarctica is under their jack-boot.

    Feb 18th, 2012 - 03:23 pm - Link - Report abuse 0
  • ChrisR

    27 GreekYoghurt

    No, you are aiming too low, very shortly she will insist the cry is “The World Mein Führer” because she really sees herself as a man in female clothes.

    Oh! I wonder if she has Nestor in them with her?

    Feb 18th, 2012 - 06:14 pm - Link - Report abuse 0
  • tobias

    Mendoza Province also produces its own inflation gauge, well respected by economists local and international. In fact it was taken by both the press and international econonomists as the official inflation index several years in the 2000s (until the former clown governor Jaque did away with it temporarily to ingratiate himself with CFK). It showed 21.3%.

    The question is why was inflation “lower” then. It was widely predicted by private economists throughout 2011 that inflation would be 26-29%. So that is a sensible gap... what caused inflation to slightly “cool”?

    Feb 19th, 2012 - 10:29 pm - Link - Report abuse 0
  • ChrisR

    29 tobias

    Inflation varies by region and by population group. The 21.3% no doubt was true (as far as it can be with ARG data) for the area in question.

    Equally it can be imagined that the inflation for BA was different and probably higher due in no small part to the small businessman being 'sharper' and more informed tha those outside BA. There is no way they are going to lag the inflationary slope for even a day. Once one business raises the price of something all the other businesses in that sector will follow suit just because they think their base costs are about to rise and they cannot afford to sell without knowing what the replacement will cost. Bit of a self-fulfilling prophesy.

    But what of the inflation for pensioners. This tends to be higher as food, clothes and other necesities by their very nature 'mop' up inflationary pressures.

    Pensioners, unless they are rich, tend to suffer disproportionately, especially when the returns on their savings are as low as they are now. Bit of a double-whammy in reality.

    Feb 20th, 2012 - 01:13 am - Link - Report abuse 0
  • tobias

    Yes but this report sites an index of metropolitan BA, so you have two indexes, one from BA the other Mendoza that are very close (21.1% vs 21.3%). So it seems this figure is meaningful.

    I still don't see what could have made inflation lower than the predictions of 27%... because the government or central bank did nothing to slow the rate down.

    Feb 20th, 2012 - 03:51 am - Link - Report abuse 0
  • Teaboy2

    27% was the predicted national overall inflation rate Tobias. It accounts for all provinces not just one or two. One basic way to get an idea of the total national inflation rate is to add up the inflation rates for all provinces, and divide that total by the number of provinces to get a national average percentage for inflation.

    Feb 20th, 2012 - 05:41 am - Link - Report abuse 0
  • tobias

    Ok, but about almost 65% of the country lives in BA, Rosario, Cordoba, and Mendoza, and the economic output of those four provinces is over 70% of GDP, so any other areas would have a minor effect on statistics.

    Furthermore it is known by those who have travelled around Argentina Mendoza can be even more expensive than Buenos Aires in certain prices, and inflation a tad higher. There is also fewer subsidies to transportation in Mendoza, and gas prices are higher so generally you would expect prices to bounce more quickly in the province (which also has a significant tourist trade which also puts a floor on demand).

    Anyway, I was just curious why would inflation have been lower even though it is still ridiculous, but again, the people most hurt are those that voted for CFK, mainly the poor, because their salaries unlike those of the middle and upper classes who either are paid for their talent or own business and simply raise prices, the poor are fixed emolument.

    Feb 21st, 2012 - 02:08 am - Link - Report abuse 0
  • GreekYoghurt

    ... meanwhile in argentina, pensioners savings have evaporated and they cannot afford food.

    Feb 21st, 2012 - 08:15 am - Link - Report abuse 0
  • jerry

    34 - What do you mean; “pensioners savings have evaporated and they cannot afford food”? Why, just last night my wife and I had a wonderful meal of chicken beaks!

    Feb 21st, 2012 - 05:25 pm - Link - Report abuse 0
  • GreekYoghurt

    @35 Was it better than the tree bark soup that you dined on the night before?

    Feb 21st, 2012 - 10:04 pm - Link - Report abuse 0
  • jerry

    Not enough trees in our neighborhood to make soup.

    Feb 22nd, 2012 - 04:59 am - Link - Report abuse 0
  • miguelito

    @27 Greek yoghurt. You do realize that Chile claims almost the same Antarctic territory that Argentina does, and has several bases there, right? So given the animosities between the two neighbours I think it's safe to say that they aren't gonna try any funny business. The weekly flights to the Falklands are a prime example of Chilean interests getting in the way of Fernandez's ambitions. Nothing would make Cristina happier than banning the flights, but Piñera won't be pressured into it.

    Feb 22nd, 2012 - 12:29 pm - Link - Report abuse 0

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