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Argentine Inflation ‘Will Be Less Than 1 Percent’ This Month

By | [email protected] | August 29, 2016 12:44pm

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Everyone rejoice! Inflation in August will be less than one measly percentage point, at least according to Finance Minister Alfonso Prat-Gay, who triumphantly celebrated today that the government has been able to put the brakes on rising consumer prices. Granted, that would come after inflation soared 32 percent in the first seven months of the year, according to the Buenos Aires City government. But, hey, better late than never, right?

If the estimate is true, it would mark the lowest monthly inflation rate in 10 years, he said. (Obviously we’re talking about the real numbers and not those that were made up by the Indec statistics agency for so many years). “We’re doing what we said we would, which was lower the inflation rate in the second semester,” Prat-Gay said in an extensive interview with La Red radio. Again, that’s after making inflation soar in the first half of the year, but let’s not get caught up in the details.

Despite this optimism, Prat-Gay refused to speculate on what the inflation rate will be this year. “We don’t know what it will be, but surely it will not be 45 percent, not even in the districts that have the highest impact in public utility rates,” he said.

What about the general state of the economy? It could be worse, said Prat-Gay. “We did what we could,” he said. “We’re much better off than anyone would have imagined.”