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.
Argentina’s official inflation in 2011 reached 9.5%, following on December’s Consumer Prices Index (IPC) of 0.8%. Both percentages from the National Stats bureau, Indec are disputed by the Congressional index and private sector estimates which stand at a floor of 22.8% and 1.9%.
Argentine opposition lawmakers presented December’s consumer inflation index based in the analysis of nine private agencies, which showed a 1.9% increase over the previous month and totalling 22.81% for the twelve months of 2011, roughly double the official index.
Speaking at a press conference from Washington DC on Thursday, IMF acting director of External Relations Gerry Rice said the organization’s directors “will meet in late January or early February to analyze the progress made in Argentina’s statistics”.
The consumer price index in Argentina during the month of November increased 0.6% according to the official stats office Indec, which is less than half the percentage released by private estimates through the so called Congress inflation index.
Argentine Lower House opposition lawmakers announced on Tuesday that inflation in November had reached 1.44%, accumulating so far this year, 22.63%. The so called ‘Congressional index’ is an average of the estimates from private consultants who face heavy fines if they make public their numbers.
The International Monetary Fund (IMF) avoided replying to an inquiry required by Argentine Judge Alejandro Catania, who handles the case of the lawsuit filed by the Domestic Trade Secretariat against private consulting agencies.