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Weekly Report - 20 February 2014 (WR-14-07)

ARGENTINA: Coming clean on inflation

Since taking up the position of economy minister last year, Axel Kicillof has defied critics who predicted left-wing heterodox measures with a series of increasingly orthodox policy decisions. But arguably the most significant shift in the government’s economic thinking has been forced upon them, via threat of expulsion, from the International Monetary Fund (IMF). After seven years of tinkering with official statistics, the national statistics institute (Indec) released a set of reliable inflation figures on 13 February. Though the number was alarmingly high, at 3.7% for the month of January alone, it did at least approximate the truth. As one banking analyst put it: “In this case, bad news is good news.”

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