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  HOME | Argentina

Government Plans to Roll Out New Inflation Gauge in Argentina

BUENOS AIRES – The government plans to start using a new, temporary but “believable” inflation indicator in the next two weeks in Argentina, National Statistics and Census Institute, or Indec, director Jorge Todesca said.

The statistics agency is “working on some different alternatives” for the inflation gauge, which has been criticized since 2007, Todesca told the Mitre radio network.

The Indec has not been able to “create a transition structure” between incoming and outgoing officials, Todesca, who was recently appointed to his post by new President Mauricio Macri, said.

“We have a legal problem over putting in our own specialists, people who can be trusted, and that takes time,” Todesca said.

Indec’s figures have been criticized since 2007, especially the consumer price index, for underreporting the inflation rate, compared to gauges prepared by private economic consulting firms.

The statistics agency has not released figures on the poverty rate in Argentina in some time, with the last reports coming out in the first half of 2013.

The latest Indec report said consumer prices rose 1.1 percent in Argentina in October, while private economic consulting firms estimated that prices rose 1.52 percent during the same month.

Under former President Cristina Fernandez’s administration, the Indec reported that the year-on-year inflation rate in October was 14.3 percent, while private forecasters put the number at 25.02 percent.

 

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