Inflation in Argentina during the current month of August could drop to 0.7% because of the Supreme Court’s decision to strike down the hikes in natural gas prices for residential users, according to the official stats office Indec. Similar stats also indicate a strong contraction of the Argentine economy.
Brazil's annual inflation rate climbed to 9.56% in July, the highest level since 2003, official data showed Friday. Prices are being driven higher by the rising cost of electricity -- up 57.8% in the past 12 months -- as well as increasingly expensive housing, food and beverages, and health care.
The New York Times published on Wednesday a very strong editorial criticizing the misguided policies of the government of President Cristina Fernandez, arguing that once again 'Argentina is on the brink”.
Paraguay experienced negative inflation during the month of November influenced by the fall in meat prices, mainly beef, because of a ban on exports, which more than compensated an increase in fuel costs.
According to Argentina’s statistics office Indec consumer inflation was 0.7% pushed mostly by the cost of clothing. However private economic consulting offices estimate the index was double the official announcement.