Argentine inflation reached 0.7% in February against the previous month, and accumulated a 1.7% increase in 2012 so far, according to the Indec national statistics bureau. This is less than half the index from the private agencies and released as the •Congress index”, which in February marked 1.65% and
February inflation in Argentina according to an average of private agencies which is released monthly by members of the Congressional opposition was 1.65%, climbing to 22.75% in the last twelve months. The official Indec inflation is scheduled to be released next March 13.
Argentina must solve the controversy over the measurement of inflation which has significant economic and political costs, said Eugenio Diaz-Bonilla the Inter American Development Bank, IADB, director for Argentina and Haiti.
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.
The Argentine economy expanded 8.8% in 2011 according to the controversial National Statistics office, Indec, while the Central bank reported that 21.5 billion dollars fled from the country last year, which is 88% higher than in 2010.
Argentina’s consumer prices inflation reached 0.9% in January, accumulating 9.7% in the last twelve months according to the official Indec national statistics bureau. The index is less than half the private estimate or “Congress index”, 1.9%.
Argentine congress members announced on Wednesday that the inflation index for January based on an average of private sector estimates reached 1.9%, similar to the previous month of December.
Argentina’s booming economy has been one of the few bright lights in an otherwise gloomy global financial picture the last few years. But inflation of up to 25% threatens that growth. It's one of the world’s highest inflation rates, reports the US public funded Public Radio International.
The International Monetary Fund (IMF) warned Argentina about its “lack of progress” in addressing inflation data and called on the country to implement “specific measures” within the next six months to improve it.
Argentine industrial production is expected to expand 6% to 7% this year, Industry Minister Debora Giorgi said in a statement Sunday. That would put industrial growth inline with 2011, when it rose 6.5%, according to the national statistics agency, Indec.