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7/5/18

AgendAR on Argentina's runaway inflation rate

Here's a translation of this report from AgendAR, the new(ish) Argentina news aggregator site that I'm getting to like a lot. Independent, no pro/anti government line, plenty of on-point business and economy coverage.

Inflation for June 2018 is set to come in between 3.5% and 4.1%, due to the acceleration caused by the deep devaluation in the Peso. In this way Argentina has breached the 15% inflation target set by the government for the whole of 2018.

The Mauricio Macri administration originally said that inflation would be between 8% and 12% for this year, later raising the forecast to 15%. The June figure means this annual figure has been beaten in the first six months of the year.

Now the Finance Minister, Nicolás Dujovne, is betting on inflation ending the year at around 27%, that's to say 2.2% higher than in 2017, which in turn kills the government's ideas about how it would slow down inflation.

According to the private consultancy firm Elypsis, initial survey data indicate June monthly inflation at 3.8% at a national level, a rapid acceleration compared to May when the indicator showed month-on-month inflation at 2.6%. for slowing (continue).

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