MercoPress. South Atlantic News Agency
Argentina’s official July inflation 0.9%, less than half private estimates
The official index is almost a third of that estimated by the private sector Argentina's Consumer Price Index (IPC) was up 0.9% in July, 5.7% in the first seven months of the year and 10.6% in the last twelve months, the official statistics bureau Indec reported on Thursday.
This is almost a third of the estimate from private analysts which is released by the opposition members from the congressional Lower House Freedom of Speech committee. Lawmakers said inflation in July was 2.55% and 24.9% in the last twelve months.
Wholesale prices soared 1.1% in July, 13.7% in the last twelve months and 8% in 2013, while construction costs were down 0.1%
According to Indec the item which experienced the highest increase was Leisure and Entertainment, 3.4% (July vacations), followed by home equipment and maintenance, 1.5% and food and beverage, 1.2%. However healthcare compensated since it was up 0.2% and public utilities rates, 0.3%.
Finally the so called basic basket which defines the poverty line reached 1.700 Argentine Pesos (293 dollars at the official exchange rate and 200 dollars in the parallel market). This refers to the monthly income of a couple with two children.
Likewise the basic food basket below which people are said to be living in indigence conditions, climbed to 741 Pesos, equivalent to 127 and 87 US dollars.
Official stats in Argentina (since 2007) have been questioned thus the so called ‘congressional index’. The trade unions also have their own price measuring mechanism at supermarkets from which is collected to make their salary increase demands.
The IMF and World Bank have clashed with Argentina over the reliability of inflation and GDP growth stats, and most multilateral organizations take as reference the consumer price index from certain provinces, which are not under the control of President Cristina Fernandez.
Last year Indec estimated inflation at 10.8%, while the private consultants’ average released by congress was 25.6%. For this year the Argentine government is anticipating an inflation of 11.2%
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Read all commentsGiven up on mollifying the W.B. and I.M.F. then??
Aug 16th, 2013 - 03:53 am 0How will this play with the electorate ?
Those interfering foreigners!
Or that idiot C.F.K.!
They'll keep the inflation figures low coming into the elections, because everyone is mad at them about inflation.
Aug 16th, 2013 - 04:03 am 0But, they'll spend a pile of cash trying to keep their heads above water, because everyone is mad at them about inflation.
That might make the real inflation figures spike a bit after the elections, and make everyone even more mad at them.
This is the new, revolutionary, “inclusion” economic theory at work. State of the art rocket science. Brilliant.
Someday, they'll all be crying for a bailout from the rest of the world, because they aren't responsible for what that dictator CFK did. And the IMF and La Garde will hand over the cash.
“The IMF and World Bank have clashed with Argentina over the reliability of inflation and GDP growth stats”.
Clashed? The IMF has done nothing but blow air. Lots of little people are getting screwed because the IMF has no backbone. But if they did something too drastic, it would make the IMF “look bad”. Can't be having that, so lots of little people are going to continue to be screwed. Modern “statecraft” you see.
The solutions for our economic problems are as follows.
Aug 16th, 2013 - 07:18 am 0+Open up free trade
+Reduce taxes on manufacturing, agriculture, and income
+Improve shipping
+Stop subsidizing able-bodied dependents (lazy scumbags)
+Get rid of toxic political culture (highly unlikely)
+Completely replace police force (also highly unlikely)
This is just the beginning. I really wish some people would realize that this has had great results historically, and stop sulking about how they were left behind during the good times because they were too lazy.
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