Argentine annual inflation for 2013 was 28.38% after soaring 3.38% in the month of December alone, according to the Congressional consumer price index, which is a survey that takes the average of several consultancy firms.
Consumer prices in the Argentine province of San Luis climbed 2.9% in November over October, 27.8% over December 2012 and 29.3% in the last twelve months, according to the provincial stats office. San Luis is ruled by dissidents from the ruling Peronist coalition headed by President Cristina Fernandez.
For years the IMF turned a blind eye as Argentina doctored its inflation index and plumped up its numbers for economic growth. Then last February the fund steeled itself and censured the country, warning it to improve its statistics by September or face potential suspension or expulsion. This threat was unprecedented in the fund’s history.
Fiat Argentina CEO Cristiano Rattazzi said that Argentina is on fire because of inflation and called on the newly appointed cabinet chief Jorge Capitanich and Economy minister Axel Kicillof to work hard to bring inflation down.
Argentina's economic activity grew 4.7% in September compared with the same month last year, according to the government's much questioned stats office, INDEC. Market expectations were in the range of 3.9%.
The International Monetary Fund said Wednesday it will review Argentina's progress on improving its economic statistics in December, after censuring the country last February for supplying poor data.
Inflation in Argentina according to the so called Congressional index during the month of October reached 2% and 25.86% in the last twelve months, it was reported by opposition lawmakers.
International Monetary Fund announced it was holding constructive talks with Argentina about addressing flawed economic data that led to an unprecedented IMF censure of a member country.
Expected inflation in Argentina for the next twelve months is on average 31.3% according to the monthly survey from the Torcuato Di Tella University, UTDT. However the monthly expectation dropped 1.6 percentage points compared to September in all regions of Argentina.
The Argentine government official Consumer Prices Index climbed 0.8% in September over August and reached 7.4% in the first nine months of the year, according to the National Stats Institute, Indec.