Uruguay's Central Bank (BCU) Monetary Policy Committee decided Monday to raise the TPM benchmark interest rate from 8.5% to 8.75% in a move to make inflation and expectations meet at 4.5% annually over the last 24 months. It was the first twitch to the TPM since April when it was cut from from 9%.
Add your comment!A report released Friday by Argentina's National Institute of Statistics and Census (Indec) showed that the country's economic activity fell by 0.7% in October for an accumulated 2.7% interannual contraction in the first ten months of 2024, driven particularly by fishing (-49.9%) and construction (-14.5%) amid President Javier Milei's austerity plans which included halting all public works.
Add your comment!The Broad National Consumer Price Index (IPCA) in South America's largest country stood at 0.39% in November, according to the Institute of Geography and Statistics (IBGE) survey released Tuesday, Agencia Brasil reported. The new figures represented a slowdown from October's 0.56%, which does not indicate a drop in prices but rather a slower pace of increases as food items kept driving the IPCA upwards.
According to a report from Uruguay National Statistics Institute (INE) released Thursday in Montevideo, wages grew 6.95% in the last twelve months. The Average Wage Index (AWI) had a monthly variation of 0.07% in September for a 6.13% accumulated so far in 2024. In terms of categories, the private sector grew the most, with 7.20%, while the public sector showed an increase of 6.50%.
Argentina's National Institute of Statistics and Census (Indec) released a study Thursday according to which wholesale prices went up only 2% last month, it was reported in Buenos Aires. President Javier Milei celebrated the news and praised Economy Minister Luis Toto Caputo for it.
Argentina's National Institute of Statistics and Census (Indec) Wednesday released a report showing that the economic activity in the South American country fell by 1.3% year-on-year in July.
Consumer inflation in UK during August remained at an annual 2,2%, helped by lower fuel prices together with hotels and restaurant services, as reported by the Office of National Statistics, ONS Wednesday.
Less than a year into the government of Libertarian President Javier Milei, Argentina will be the only country in the region with negative growth in 2024, according to projections by the World Bank, the International Monetary Fund (IMF), ECLAC, and BBVA, which forecast a 3.2% contraction of Gross Domestic Product (GDP) in South America's second-largest economy.
On Thursday, Argentina's Economy Ministry announced that it would suppress bureaucratic hindrances to importing key industry inputs such as steel, aluminum, and construction materials to encourage competition and lower costs. The measure also comes with a reduction in PAIS tax on purchases abroad to further tackle inflation. Representatives of the local steel industry expressed their objections and denounced that relevant safety measures were being disregarded.
Consumption in Argentina has dropped below the pandemic and 2001 levels as the South American country's economy continues its erratic behavior under Libertarian President Javier Milei, whose administration depicts a different scenario. A survey conducted by the pollsters Scentia showed the loss of purchasing power and the recession on mass consumption.