Argentina released inflation figures for the first time since December last year, when newly elected president Mauricio Macri suspended the publication of economic data and intervened the official stats office, Indec, following long standing claims of manipulation by his predecessor.
Argentina's stats office, Indec failed on Wednesday to deliver the country's poverty and indigence rates due to “methodological” reasons, the head of ministers explained on Thursday morning adding the measurement of the basic basket “differs totally” from CPI’s calculations. His comments triggered a cataract of criticisms.
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.
History has left Argentines with more than their share of economic trauma. Having twice suffered destructive bouts of hyperinflation in the late 1980s, they are sensitive to rising prices. When they spot inflation their instinct is to dump the peso and buy dollars.