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In brief: Argentina

Argentina: The national statistics institute (Indec) has reported that the national monthly inflation rate in April was 2.7%. This is the highest monthly inflation rate recorded in Argentina so far this year and brings the accumulated inflation rate this year to 9.6%, with the year-on-year rate now at 25.5%. The April inflation figure is worrisome as it suggests that the official inflation target of 15% for the whole of the year will not be met. It also suggests that despite its best efforts to contain inflation, Argentina’s economic authorities and the government led by President Maurico Macri are failing to bring inflation to more manageable levels, as they have vowed to do. According to an Indec report, inflation in April was driven by an 8% increase in utility tariffs compared with March, as the Macri government continues to implement its policy to reduce government subsidies on energy consumption and gradually increase water, electricity, and natural gas tariffs.