Macroeconomic Forecast Argentina

BMI View: According to data from the national statistics institute INDEC, Argentine consumer price inflation fell for the fourth successive month in February, dropping to 10.0% y-o-y from 10.6% y-o-y in January. That said, with private estimates putting the figure up to three times higher, and the government likely to step up its expansionary monetary and fiscal policies as October's election draws closer, we believe the true level of inflation remains much more concerning, and hold to our forecast for price growth to reach 18.0% y-o-y by end-2011.

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