MercoPress. South Atlantic News Agency

Argentina’s March inflation according to private estimates, 2.3%

The panel of opposition lawmakers announcing the “Congress index”

Argentine opposition lawmakers presented on Thursday March’s inflation index based in the analysis of nine private agencies, which showed a 2.3% increase over the previous month.

The so called ‘Congress index’ has jumped due to “the increase in the private school’s instalments, of public utility and services’ rates and of products without subsidies” said Peronist Front lawmaker Eduardo Amadeo who presented March’s percentage during a press conference in the Argentine Congress.

Amadeo also warned that the prices’ hike is alarming “if the currency exchange issues are taken into account”.

The other opposition lawmakers at the presentation included, Patricia Bullrich; Paula Bertol from PRO; Radical Party’s Ricardo Gil Lavedra; Formosa’s Radical Party Ricardo Buryaile and MIJD Socialist Ramona Pucheta.

Lawmaker Gil Saavedra said that inflation in the period April 2011/February accumulated 19.3% which is more than double the official Indec rate of 7.9%.

Gil Saavedra also warned of the risks implicit in the March reading, the highest in months and which occurs in a context of economic deceleration, “with some clear signs the (Argentine) economy is entering a recession period”.

The official Indec rate is expected to be announced on Friday or early next week.

The Congress index is an average of the analysis of nine private agencies that are exposed to strong fines if they make public their conclusions public. The same agencies have cautioned that another factor which is helping to contain inflation is an overvalued Argentine Peso, anywhere between 18% and 25%.