Argentina inflation, heading towards 100%, seen easing back from July peak
Reuters
Published Sep 13, 2022 10:21AM ET
By Hernan Nessi
BUENOS AIRES (Reuters) - Argentina's inflation rate, heading towards 100% this year, likely eased in August versus a 20-year peak the month before, analysts polled by Reuters said, bringing some hope sharp price rises could start to be tempered.
A survey of 21 analysts gave a median forecast of a still very high 6.6% rise for the month, lower than the 7.4% spike in July. The estimates ranged from 6.0% to 7.4%.
"The data for August, although still unusually high, has erased worries about an inflationary spiral," said Lautaro Moschet, economist at Libertad y Progreso.
GRAPHIC: Battling inflation in Argentina https://graphics.reuters.com/ARGENTINA-INFLATION/qmyvmdzmjpr/chart.png
Argentina, a major soy, corn and wheat exporter, has targets to bring down inflation as part of a $44 billion deal with the International Monetary Fund, a push being led by new economy "superminister" Sergio Massa, who gained plaudits this week from the IMF over "strong steps" to stabilize the economy.
The South American country, which has been battling debt and currency crises for years, is grappling to bring down one of the world's highest inflation rates, which, according to a recent central bank poll, will end 2022 at 95%.
Rising prices, especially food and fuel, are hurting Argentines badly, which has damaged the center-left Peronist government of President Alberto Fernandez ahead of general elections next year.
"We expect inflation won't drop to an average of 6% until the end of the year, so 95% annual inflation is a floor," consultancy Econviews said.
Argentina's statistics body is expected to publish August inflation data on Wednesday.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.