Inflation in Argentina reaches 4.8% in February (33.9% annually); Macri refuses to release figures.
Consumer prices in Argentina rose by 4.8% in February according to the unofficial "congressional inflation index" released today. Inflation in Argentina, according to their estimate, reached 33.9% over the same time last year - the highest in 13 years.
The alternative index is elaborated by private consulting firms and released by opposition parties. The monthly index, which first appeared in 2007 in response to understated inflation figures released by the INDEC statistics bureau, was revived last month by Renewal Front lawmakers after the Macri administration declared that official consumer price figures would not be released until September.
Renwal Front Congressman Marco Lavagna stressed that the latest hikes on public utility bills had “an important role” in February, representing a two point increase in and of themselves. The estimated 4.8% monthly inflation rate for February was higher than the 3.6% Congress estimated for January. Prices began to rise steeply following Macri's narrow runoff victory on November 22 on anticipation of a steep devaluation, which was in fact enacted on December 17.
The leader of the centrist Renewal Front caucus, Congressman Sergio Massa, affirmed that “we need statistical certainty in Argentina. We cannot continue with our arms crossed, not adopting measures.”
Massa, who finished third in last year's presidential race, added that "we need dialogue and instruments to denounce abuses because given the administration's lack of indexes and controls, there are businessmen who are destroying the people’s purchasing power.”
At: http://buenosairesherald.com/article/210423/inflation-reaches-48-in-february-according-to-congressional-index
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