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Brazil & Southern Cone - June 2016 (ISSN 1741-4431)

ARGENTINA POLITICS: Inflation: the truth hurts

On 15 June Argentina released its first official inflation figures since the start of the administration of President Mauricio Macri in December 2015. The new government had promised a revamp of the national statistics institute (Indec), which had become so severely compromised under the previous administration led Cristina Fernández (2007-2015) that it had led to it being censured by the International Monetary Fund (IMF). According to Indec’s new figures the consumer price index (IPC) rose 4.2% in May compared to the previous month. The last, statistically dubious, figures from the old Indec, were released in October 2015 and put the monthly inflation rate at closer to 1%. Worryingly, the new figure could have been even worse. Just days before its release the City of Buenos Aires government statistics agency, a proxy for Indec while it attempted to sort out its methodology, claimed that inflation in May was 6.5%.

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