Argentina’s National Index Rose 1.2 percent in June

In Argentina, consumer prices climbed to 1.2 percent for the month of June according to the national statistics agency NDEC on Tuesday, which is the first time the country has published a national index since the start of President’s Macri office. This is regarded as a “milestone” to rebuild the credibility of the country’s official statistics following the accusation of statistical manipulation. The IMF has lifted its disapproval to the statistics agency.

Previously, the inflation in the greater Buenos Aires area was 1.4 percent in June and 21.9 percent in the past year. Come the first six months of the year, the consumer price increase by 11.8 percent countywide and 12 percent in the area.

The central bank stated that the national index will now be the basis for monetary policy and kept its benchmark interest rate at 26.25 percent on Tuesday but still maintain the inflation target within the 12 to 17 percent.  Economists forecast of national inflation will be at 21.5 percent this year.